At Suburban Land Agency (SLA), we have clear procedures for pricing the land available to residential buyers, builders and developers.
Overview
Each year, the ACT Government publishes the Housing Supply and Land Release Program. The program includes an indicative five-year plan for Territory-owned land releases to support Canberra’s housing, economic and community needs.
SLA plays a key role in delivering the program, including planning precincts, developing communities and pricing land. Our aim is to make sure land is priced accurately and transparently, so buyers have the information they need.
When looking to buy land from SLA, buyers can view prices for land available to purchase.
Setting reserve prices
The Planning Act 2023 requires SLA to sell land at a price that isn’t less than its market value, which is why our CEO has the delegated authority and responsibility to confirm that land prices are at market value.
To achieve market-accurate prices, SLA engages at least two independent qualified property valuers to produce valuation reports when pricing sites. Any variances outside 15% between the two reports typically lead to additional valuations or an independent peer review of the two existing reports.
- Auction reserves are typically set within one to three working days from the auction date.
- Tender reserves are typically released within one to three working days from the tender closing date.
- Ballot reserves are typically released within one to two weeks in advance of publication.
Resources
To learn more about the roles and responsibilities, as well as the internal procedure for getting prices/values for land sold by SLA, read our Valuations Procedure.
