The suburb is planned. Road construction had commenced as of July 2008. The postcode is 2911.
It is next to the suburbs of Kaleen, Mitchell, Franklin, Palmerston and Giralang. It is bounded by the Barton Highway, Gungahlin Drive and Gundaroo Drive. Located in the suburb is the Canberra Nature Park of Gungaderra Grasslands nature reserve. There is also Gungahlin Hill, and transmitting stations and studios for the following radio stations:
It also has a CSIRO Sustainable Ecosystems area.
Crace Grasslands Nature Reserve and Crace Hill are not completely located in Crace despite the name; their southern parts are located in the adjacent suburb of Lyneham.
The ACT government has selected developers for the area as Defence Housing Australia and Canberra Investment Corporation. Expectations are that there will be 1200 houses built over the next six years. The developers are expected to make $60,000,000 but have to share half that with the government. Some very small blocks will be release for low cost housing with 85% released for high cost housing. Eventually the suburb will have 1500 houses on 140 hectares.