bennie said..
. . . Is there an option in Canberra to learn sailboarding on the cheap, say within a university club . . .
The ANU sailing club had some reasonable sailboarding gear, so that may be an avenue to get you started.
As an alternate to LBG, you might try kiting on one of the new lakes near the suburb of Coombs (Streeton Drive / Cotter Road intersection). I saw a kiter there recently; he was having a blast, although his runs were short. The foreshore of the lake are clear of trees.