Canberra’s Newest Suburb Inundated With Interest
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Canberra’s Newest Suburb Inundated With Interest

Ginninderry’s Macnamara house and land release is the capital’s hottest property.

By Terry Christodoulou
Mon, Jan 24, 2022 3:42pmGrey Clock < 1 min

Last week, Ginninderry — a joint venture between the ACT Government and Riverview Developments — released 71 blocks of land and 55 house and land packages in Canberra’s newest suburb, Macnamara.

With the land being sold by ballot, Kanebridge News understands that at the time of writing Ginninderry has recorded approximately 4500 registrations, with the ballot closing on February 4 2022.

The acute level of interest in the new suburb follows an unprecedented 2021 that saw residential property in Canberra rise 24.9% in value over the calendar year, according to data from CoreLogic, reaching a new median price of $894,338.

The suburb of Macnamara — named after Dame Jean Macnamara— is the second suburb in the award-winning Ginninderry project,  located to the west of Strathnairn and bordered by a conservation corridor with spectacular views of the Brindabella Mountains.

Project Director Steve Harding said the launch of Macnamara was an exciting milestone.

“More than 750 people now call Ginninderry home in our first suburb, Stratihnairn, so as we move into our second suburb, we have an opportunity to further our commitment to inspire a new way of living,” explained Mr Harding.

“Part of that will see Macnamara become the first Canberra suburb with all homes requiring a minimum 7 Star Energy Rating.”

In addition to its sustainability credentials, liveability is said to be at the forefront of the suburb’s design with access to nearby dog parks, new recreation and picnic areas,  bus stops and cycling paths throughout Ginninderry and into broader West Belconnen.

Blocks of land in the first release range in size from 350sqm to 935sqm, with ballot registrations closing on 4 February 2022.



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The city’s real-estate market has been hurt by high interest rates and mainland China’s economic slowdown

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Hong Kong has taken a bold step to ease a real-estate slump, scrapping a series of property taxes in an effort to turn around a market that is often seen as a proxy for the city’s beleaguered economy.

The government has removed longstanding property taxes that were imposed on nonpermanent residents, those buying a second home, or people reselling a property within two years after buying, Financial Secretary Paul Chan said in his annual budget speech on Wednesday.

The move is an attempt to revive a property market that is still one of the most expensive in the world, but that has been badly shaken by social unrest, the fallout of the government’s strict approach to containing Covid-19 and the slowdown of China’s economy . Hong Kong’s high interest rates, which track U.S. rates due to its currency peg,  have increased the pressure .

The decision to ease the tax burden could encourage more buying from people in mainland China, who have been a driving force in Hong Kong’s property market for years. Chinese tycoons, squeezed by problems at home, have  in some cases become forced sellers  of Hong Kong real estate—dealing major damage to the luxury segment.

Hong Kong’s super luxury homes  have lost more than a quarter of their value  since the middle of 2022.

The additional taxes were introduced in a series of announcements starting in 2010, when the government was focused on cooling down soaring home prices that had made Hong Kong one of the world’s least affordable property markets. They are all in the form of stamp duty, a tax imposed on property sales.

“The relevant measures are no longer necessary amidst the current economic and market conditions,” Chan said.

The tax cuts will lead to more buying and support prices in the coming months, said Eddie Kwok, senior director of valuation and advisory services at CBRE Hong Kong, a property consultant. But in the longer term, the market will remain sensitive to the level of interest rates and developers may still need to lower their prices to attract demand thanks to a stockpile of new homes, he said.

Hong Kong’s authorities had already relaxed rules last year to help revive the market, allowing home buyers to pay less upfront when buying certain properties, and cutting by half the taxes for those buying a second property and for home purchases by foreigners. By the end of 2023, the price index for private homes reached a seven-year low, according to Hong Kong’s Rating and Valuation Department.

The city’s monetary authority relaxed mortgage rules further on Wednesday, allowing potential buyers to borrow more for homes valued at around $4 million.

The shares of Hong Kong’s property developers jumped after the announcement, defying a selloff in the wider market. New World Development , Sun Hung Kai Properties and Henderson Land Development were higher in afternoon trading, clawing back some of their losses from a slide in their stock prices this year.

The city’s budget deficit will widen to about $13 billion in the coming fiscal year, which starts on April 1. That is larger than expected, Chan said. Revenues from land sales and leases, an important source of government income, will fall to about $2.5 billion, about $8.4 billion lower than the original estimate and far lower than the previous year, according to Chan.

The sweeping property measures are part of broader plans by Hong Kong’s government to prop up the city amid competition from Singapore and elsewhere. Stringent pandemic controls and anxieties about Beijing’s political crackdown led to  an exodus of local residents and foreigners  from the Asian financial centre.

But tens of thousands of Chinese nationals have arrived in the past year, the result of Hong Kong  rolling out new visa rules aimed at luring talent in 2022.

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Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’

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