THE $3 million sale of an Endurance Road property could be just the first of several such big-money moves in the Queanbeyan real estate market.
The sale of the 8000 square metre lot and warehouse – currently occupied by Wridgeway Removalists – to an undisclosed buyer is one of the most significant in Queanbeyan this year.
It’s only equivalent in recent months was the $3.25 million sale of the former Home Timber and Hardware site on Aurora Avenue in May.
The Wridgeway site was on the market for just four weeks before being the target of spirited bidding war between three interested parties.
And Greg Lyons, head of sales and investments at Jones Lang LaSalle, the agency behind the sale, said interest in Queanbeyan’s industrial sites remained strong compared to across the border.
“As a result of the auction we’ve had several other buyers now asking what else is on the market,” he said. “So there does seem to be some unsatisfied demand for this type of property.
“Potentially if some more properties of this type were to come onto the market there would be a good chance for a sale.
“It’s a tough market in Canberra at the moment whereas there seems to be a fair bit of activity in Queanbeyan with particularly strong demand in properties in the $1-3 million range.”
Mr Lyons said the $3 million price tag had been in line with pre-auction forecasts. And he said Queanbeyan was proving popular among those looking to make long term investments in the property market.
“[Fellow agent] Nick Purdue who ran the program on this property along with myself got some very strong feedback from people looking at Queanbeyan very positively,” he said.
“It’s one of the fastest growing regions in NSW which gave us a good platform to sell Queanbeyan as an attractive investment proposition.
“There are plenty of good things to talk about in regards to Queanbeyan and its potential for future growth.”