Canberra's largest property developer Geocon Group reveals 20/21 FY success story
Canberra’s largest property developer, Geocon Group has recorded a bumper financial year in residential property sales, exchanges and settlements, in spite of Covid-19.
The Group reported over 1000 sales for the 20/21 financial year, totaling $438.5 million. Additionally, the company achieved over 840 Settlements at a value of $385 million
There were 850 exchanges in off-the-plan apartments sales to the value of $372 million which will be settled by 2024.
Geocon Group’s Managing Director Nick Georgalis, who founded the company in 2007, said the Group was tremendously pleased with the sales results which indicates the strength and appeal of the Canberra market, particularly with investors who made up 70 per cent of sales.
“We have seen record sales in the past 12 months for apartments and the market should see the same increases in value for apartments over the next 12 months that we have seen in housing over the past 12,” he said.
Mr Georgalis said he put down Geocon’s success to several key factors, apartment pricing being attractive to investors, strong rental yields in Canberra’s stable rental market and strong capital growth.
“Canberra is currently the strongest performing market nationally, returning rental yields and capital growth of eight per cent, respectively,” he added.
This was up from 325 apartments worth $141 million the previous financial year – despite enduring the pandemic and the various patches of state-wide lockdowns across the country in that period.
In the coming financial year Geocon is focusing on sales at its multi-staged master-planned community, WOVA which comprises 797 apartments built across four buildings.
The development will also incorporate a 53-room hotel, 2415 sqm of retail space, lap pool and sauna, resident’s private cinema, co-working spaces, contemplative rooftop terrace, fitness studio, bar club lounge, and Chef’s kitchen and dining room.
The precinct amenity will further include alfresco restaurants and cafes, 3,370 sqm of landscaped gardens and a four-level basement carpark for 1000 car spaces.
Sales at the development has been strong with 255 sold in stage one since launching in March this year.
Geocon currently has in excess of 950 active apartments currently or soon to be constructed with further projects in future planning.
Current projects include:
- WOVA (797 apartments) in Woden Valley,
- Nightfall (334 apartments) in Belconnen,
- Aspen Village (622 apartments),
- Metropol (552 apartments),
- The Establishment (290 apartments) and
- High Society (542 apartments) which recently settled.
- Grand Central Towers (430 apartments) which recently settled.
A total of 2,595 apartments are due to be delivered by late 2024.
