Geocon Powers the Growth of Canberra
Geocon Powers the Growth of Canberra on a National Scale
The Housing Industry Association (HIA) has today announced that Canberra’s leading integrated multi-unit developer, Geocon, is now one of the largest builder-developers in the country.
In its annual COLORBOND® Steel Housing 100 Report, the HIA announced that Geocon is now:
• The 7th largest residential multi-unit builder in Australia
• The 4th largest residential builder/developer in Australia
• The largest residential builder in the ACT, and
• The largest residential builder/developer in the ACT.
One of the most remarkable aspects of Geocon’s ascendency is the fact that the Canberra company has only been in operation for 11 years. And with its focus solely in the ACT, the scale of multi-unit development by Geocon highlights the strength of the local market. “Despite a number of commentators continuing to throw shade on the local apartment market, the Canberra market is the most stable and best performing in the country and we are forecasting steady growth in the coming years,” said Geocon Managing Director, Nick Georgalis, “as evidenced by:
• Historically high residential building approvals
• Historically low residential vacancy rates
• Steady interest rates and wage growth
• Strong population growth, and
• The lowest unemployment rate of all jurisdictions”.
Geocon has seen a fundamental shift in the local housing market over the last 5-10 years with a growing emphasis on apartment living, particularly for first home buyers and investors. “With limited greenfield opportunities in the ACT in the short to medium term, we expect apartments and townhouses to become the default option for most buyers moving forward, which promises to breathe new life into our town centres and CBD while enhancing affordability at all price points”.
As Canberra’s first fully integrated property enterprise, Geocon has capabilities across development, construction, hospitality management, investment, sales and conveyancing. GEOCON’s hallmark is architecturally-stunning buildings that deliver a new standard of contemporary living to Canberra. With residential projects currently underway in Belconnen, Woden, Braddon and Reid, and new hotel projects under its Iconic Hotels brand in Belconnen, Braddon, Barton and the CBD, Geocon has an unrivalled market knowledge and is building precinct-style developments that are changing the Canberra skyline.