ALL 124 blocks of land in the first residential release for the new suburb of Lawson sold at auctions over Tuesday and Wednesday. 

The average price paid for each block was $449,460 which was $114,411 above reserve, and prices ranged from $283,000 for a 250 square metre block, up to $800,000 that was paid for a block measuring 1,540 square metres.

The total value of the blocks sold was $55,733,000.

“Never before have we brought such an offering to the market and many Canberrans who already live in the surrounding suburbs, particularly those who are empty nesters, have bought in Lawson no doubt with the intension of downsizing and building a new home while also being able to stay in the area that has been their home for up to 40 years,” said Chris Reynolds, Executive Director of Land Development for the Land Development Agency.

“Builders have also bought blocks on which they will develop house and land packages to offer to the market.

“Works are already underway, including extensive landscaping, and I would expect that the first of the blocks will be ready for settlement in early 2015 with building to start shortly after that.”