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Forecaster predicts 10pc land price drop

A leading industry forecaster is expecting Canberra land prices to fall by up to 10 per cent in coming years, making buying a home a far more affordable prospect.

BIS Shrapnel project manager Jason Anderson says the expected new land releases in the suburbs of Forde and the Molonglo Valley will see thousands more blocks released, and more competition among developers to attract new home buyers.

Mr Anderson says that could knock up to $20,000 off the standard block price.

"You're likely to see a desire from the developers to get people on board, and to get some sales through, and that then helps to build the community, if you like, so particularly in the early stages of development, you could see prices come back 5 or 10 per cent," he said.

Source: ABC News

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Issued: on Oct 30, 2006 9:00pm A []

Reference-id: NEWS11467 4