Why investors are shortlisting Geocon's Canberra apartments, WOVA
Canberra's largest developer Geocon Group are directly contributing to the next wave of ACT’s multi-billion dollar redevelopment with their Woden Valley precinct WOVA.
WOVA, short for WOden ReVAmped, is set to host a revitalised residential and mixed-use community precinct, located along the $1.9 billion dollar future light rail.
Woden is also set to host the largest healthcare infrastructure commitment ever undertaken by the ACT Government with Canberra Hospital’s $500 million, 40,000 sqm facility to meet the fast-growing suburb's need. In addition to a $300 million Canberra Institute of Technology campus build on the site of the existing Woden bus interchange site.
Many apartments also benefit from the ACT government's recent scrapping of stamp duty for off-the-plan apartments and townhouses up to $500,000 with WOVA's one-bedroom apartments falling into that bracket. The $374,900 price tag is well within this cut-off and $50,000 below the median price for one-bedroom apartments in the area.
The two bedroom apartments across the four towers are similarly affordable, with prices ranging from $513,900 to $574,900, they are ~$75,000 below the ACT median of $620,050.
Rent's have seen similarly strong growth amongst much of Phillip, where Woden is located, with median rents up 2.3 per cent per capita over the past decade.
Designed by the award-winning Fender Katsalidis and Oculus Urban Design, WOVA offers buyer the choice of three different colour schemes.
Located at the heart of a vibrant new urban village there are dozens of cafes and eateries surrounding WOVA, beyond its own commercial and residential ground floor.
There's also more than 3,000 sqm of landscaped gardens across the precinct.
Beyond the future light rail, the Canberra Airport is nearby as well as multiple bus stops and main roads, all of which provide convenient access to Canberra’s city centre just 10-15 minutes away.