Using property data based on settlement figures to characterise the current state of the Canberra unit market is misleading, Geocon Managing Director Nick Georgalis said today.

“The assertion in the Canberra Times that unit prices are suppressed because of oversupply does not reflect the current reality of the market place.

“Most of the sales made this year are not reflected in the data, or the story.

“And this myth of oversupply is simply not borne out by the sales data. It’s a misinformed or deliberately mischievous argument put forward by people who are opposed to high-rise and clinging onto the ‘bush capital’ idyll.”

Mr Georgalis said in an oversupplied market there was weak demand, but this was not the case in Canberra.

“As Canberra’s largest developer accounting for around one third of off-the-plan unit sales in the ACT, we know demand is strong. Midnight in Braddon is sold out. Grand Central Towers which only went to market two months ago is 70 per cent sold. And, there is strong interest in High Society in the Republic development since we announced it a few weeks ago.

“The data in the CT story only accounts for settlements, many of which would have been made on off-the-plan purchases from two years ago.

“It also ignores other important economic data such as that ACT investor finance jumped up in February, which means investors are back in the market with increasing demand.

“It is important that purchasers understand the difference and are not put off by outdated, unrepresentative data.”

Media inquiries: Jane Seaborn 0414 829 282

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