At Suburban Land Agency, we have clear procedures for pricing the land available to residential buyers, builders and developers.
Clear pricing to achieve affordable living
The ACT Government issues an Indicative Land Release Program (ILRP) each year, setting out land sales for the next four years. SLA then steps in and begins the process of planning precincts, communities and pricing land. Our aim is to make sure land is priced accurately and transparently, so buyers have the information they need.
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.
When looking to buy land from SLA, buyers can view prices for land available to purchase.
Setting reserves
The Planning and Development Act 2007 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.
- 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.
