The outer-Canberra suburb of Charnwood has long held an unsavoury reputation as a hotspot for crime, but the suburb's shape is changing as first-home buyers flock to the area, attracted by cheap land.

Charnwood's cheap property is proving popular with young families, who showed up in force for this weekend's local carnival, affectionately known as the 'Charny Carny'.

Canberra real estate agent Ben Oostermeyer said the suburb offered some of the cheapest land in the ACT.

"I think the attraction of a larger block of land, that's affordable you can make a larger house or buy something you can afford and then improvement has always been attractive to first-home owners," he said.

"It has had a shady past or a jaded past but I think that perception is changing.

"It's been a long, long time since anything has happened in the area that would lead people to have concerns."

Preet Shakespeare and her husband Josh, who just bought a house in Charnwood would have paid thousands more for a similar home in neighbouring suburbs.

"It's much more affordable here, I think that's what brought us to Charnwood in the first place," Ms Shakespeare said.

"We always liked the most northern part of the suburb, because the reserves are very close here as well."

Preet and Josh Shakespeare say their house in Charnwood is well located and quiet. ( ABC News: Siobhan Heanue )

Mr Shakespeare agreed the suburb had its own charm, and made for an attractive space to call home.

"[There's] nice quiet streets, no trouble," he said.

"It's really starting to take off."

The influx has also been noticed by business owner Samantha Kourtis, who grew up in Charnwood, and took over the local chemist four years ago.

"I have seen a tremendous change," she said.

"I know historically there has been some bad reputations about Charnwood, but my time here over the past four years, I have seen a beautiful, inclusive community.

"A lot of diversity in our communities, one part that I love about the Charnwood and West Belconnen communities is how everybody comes together."