WOVA lifestyle precinct set to rejuvenate Woden Valley

Market Insights
2 years ago
4 minutes

Apartments launched in June at Geocon’s landmark WOVA residential community in Woden are selling successfully to both investors and owner-occupiers alike, starting from $365,000 for a one-bedroom apartment. 

Thanks to over $2 billion of planned infrastructure investments in Woden and the surrounding areas, Geocon’s latest development - WOVA - is set to redefine modern community living and be a key player in the rejuvenation of Woden Valley. 

WOVA stands for ‘Woden Revamped’ and marks Geocon’s second development in the Woden town centre. Architecturally designed by the award-winning Fender Katsalidis in collaboration with Oculus Urban Design, the mega-development offers more than 800 spacious apartments within a thoughtfully crafted interconnected community. 

Boasting four residential towers, this highly anticipated mixed-use community is located at the heart of the Woden Valley. Adam Morgan, Geocon’s Head of Sales comments that “[Woden Valley] acts as a kind of gateway for those travelling from Canberra CBD to Woden Town Centre, meaning residents will have easy access to the best of their local area, all within a moment’s reach of everything the city has to offer.”


A people-first approach


From conception through to design and construction, WOVA has been guided by principles of putting its people first - the result is a village-style precinct where residents will have everything they need to live, work and play at their doorstep. Adam says, “it was really important for us to strike the right balance between urban and suburban environments, as well as public and private spaces so that both residents and the wider community would feel welcome in the space.”

WOVA features an integrated and fully landscaped ground-floor precinct that connects the four residential buildings. Lush avenues and a host of retail offerings make the precinct the ideal place to meet and mingle with neighbours, family and friends. The tallest of the residential towers, the 24-storey Building 2, features five floors of exclusive residents’ amenities, including a state-of-the-art gym and yoga space, outdoor decks, a resort-style lap pool and a sauna. For special occasions, WOVA residents can utilise the chef’s kitchen, lounge, dining room, private resident’s cinema and a rooftop garden - all carefully designed to encourage people to connect and socialise. 

Adam explains that the design intention behind the residents’ amenity podium was to create an authentic lifestyle destination. “The decision to include a broad range of amenities within the master plan is destined to create not only a rich, fulfilling lifestyle experience, but also the opportunity to encounter and interact with fellow residents - a rare accomplishment in multi-residential design.” 


A prime opportunity to invest in one of the most dynamic property markets.


Often overlooked, Canberra’s property market continues to exceed expectations. Research indicates that Canberra is steadily gaining momentum and piquing the interest of both investors and owner-occupiers. 

The nation’s capital has moved ahead to lead the country in yield, vacancy rates and unemployment. Nick Georgalis, Geocon’s Managing Director, comments, “Investors have flocked here from all corners of Australia in search of stability and quality. What we’ve seen is a rush on stock in each corner of Canberra to where we are selling at rates that have surpassed pre-Covid.”

He reiterates what the numbers indicate; “Woden is a compelling and obvious opportunity for investors who are looking for that safer alternative to Sydney or Melbourne. What we’re seeing is there is up to 7% yield and less than 1% vacancy, backed by huge amounts of both local and Federal Government spending.” 

My Housing Market Chief Economist Dr Andrew Wilson says, “Despite recent heightened speculation regarding the outlook for interest rates, rates are now likely to remain at record low levels for the foreseeable future. Ongoing low-interest rates will ensure stable outcomes for the Canberra housing market, which will continue to be supported by high local incomes, low unemployment and strong jobs growth. Canberra house prices are set to rise by an annual local record of 20% over 2021 with units likely up by 10% - also a record.”

WOVA is due for completion in 2024, with many off-the-plan apartments already sold in Stage 1. Adam Morgan, says, “we’re thrilled with the response so far on WOVA and feel confident about its success with Canberrans, as well as investors who have shown a keen interest from outside Canberra. This confidence is likely to grow as construction commences on-site at WOVA this month with demolition work well underway to bring the future of Woden” For more information on WOVA, click here.