Demand for ACT land release ballots could push Canberra property prices higher, Pegasus Economics report states

"For Whitlam, I was in 7000^th place, I think then there was another release, I was 6000th in that," he said.

"Macnamara, I didn't even have a chance."

Mr Hundal is one of thousands of Canberrans who have missed out on a series of oversubscribed land ballots in recent years.

The rate of land release was one of the concerns raised in an independent analysis into the recent ACT budget by Pegasus Economics.

The first release of land in Macnamara, a new suburb in Canberra's Ginninderry development, saw 8700 applicants register for 71 blocks in February.

The second release in June saw 7400 buyers register for 51 blocks of land.

It was a similar story in Taylor in 2021, when 7500 people registered to buy 115 blocks of land.

The Pegasus Economics report stated there was evidence to suggest demand for land in the ACT vastly exceeded supply, which could put upward pressure on the price of residential land.

"As a major input into the price of residential property, relative scarcity in the supply of residential land can also be expected to feed into higher residential property prices," the report stated.

"ACT government agencies benefit from the high land prices generated by the mismatch between supply and demand."

Mr Hundal said buyers who missed out in the ballots were left competing for house and land packages sold by builders or blocks that were resold later.

"It's quite out of reach because of the premium they may end up paying if they're not able to secure land in a ballot," he said.

A 591-square-metre vacant block of land is currently for sale at 4 Don Banks Crescent, Whitlam for more than $875,000.

Meanwhile, the last remaining block of vacant land in Denman Prospect sold for $1,212,500 at auction in November.

Mr Hundal said he was now waiting to try his luck at buying land in Kenny, a new suburb of Gungahlin.

The ACT government's latest Indicative Land Release Program confirmed the first release of land in Kenny had been delayed until the 2024-25 financial year.

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