Existing and planned infrastructure is at the top of the list for homebuyers and, therefore, property investors. Along with attracting higher median house prices, people flock to areas with cultural, commercial and nature-inspired lifestyle options for happy living. The new township of Googong certainly fits the bill.
Case study: Googong
Across a staged master plan of 20 years, Googong will become predominantly self-sufficient.
Just eight kilometres south of Queanbeyan CBD, the new township of Googong is a hub of rapid development. The joint venture between Peet Limited and Mirvac is set on about 800 hectares of land. It's expected to include around 6,200 homes, for 18,000 people.
Across a staged master plan of 20 years, Googong will become predominantly self-sufficient. With the Molonglo Ranges providing scenic lifestyle perks, a focus on sustainability and exciting projects underway, there’s no doubt this is a hot spot for investors.
Club Googong, in the heart of the first neighbourhood, is a meeting place for residents.
A firm foundation in place
The first residents of Googong moved to the township during March 2014 and it’s now home to approximately 2,300. Currently, they’re enjoying Googong North Village Centre, with a supermarket, a gym, a medical centre, food outlets, a community centre and childcare facilities.
Further recreational amenities include playing fields, playgrounds, dog parks, bush trails and Club Googong. In terms of education, the Anglican School Googong takes students from Early Learning to year eight. Growth is projected here through to year 12 by 2023, and public primary and secondary schools are set for construction.
DPN have access to selected blocks of land, starting from $332,000, each with approval to build a dual income home which produce a high rental yield, above 6%. The other investment fundamentals check out, with the area having low vacancy rate a strong capital growth at 10% p.a. for the next 5 years according to Residex.
Googong Central will include a $143 million town centre.
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Planned infrastructure
Transport is set for a boost with the $31 million Old Cooma Road duplication completed in June 2020. The 4.5 kilometre dual carriageway stretches from Edwin Land Parkway to the town’s entrance and incorporates room for cyclists. This is good news for projected jobs growth, which includes an average of 560 full-time construction jobs each year with a multiplier effect for the wider region.
To cater to a growing population, Googong Central has a projected opening date in 2024, in the second neighbourhood of the same name. The complex will house two major retail supermarkets, bars, cafes, restaurants and retail stores.
Further to this, proposals include a public library, a fire station and a community centre. The total cost for the town centre is calculated at about $143 million. Once finished, Googong’s retail sector is expected to generate around $185 million each year.
This is a town that’s quickly gearing up for the residents and investors of the future, with forward-thinking infrastructure and smart urban planning.