Abandoned houses sold

AT least a small patch of the halted St George Springs development could have a brighter future after a 1095 sq m allotment of land with four unfinished town houses was sold under the hammer yesterday.

Nine people turned out to witness the auction, with four serious bidders (including a phone bidder) all in the race at one time or another.

Wade Real Estate sales manager Denis Courtney - who looked after the sale - said he was happy with the result and, at $170,000, the sale met the reserve price.

"With the present market, we were happy with the response from locals and people from out of town," he said.

"We were reasonably confident it would sell.

"We saw it as a good investment opportunity and while every property is unique this one was especially unique because it does have the unfinished town houses - so you never know."

The first bidder to put up their hand offered $100,000 but the price continued to be bumped up in lots of $5000.

The going was slow to start until another two potential buyers threw their hats into the ring.

In the end it was the mystery phone bidder who held out with the highest price when the hammer fell.

From the get-go, auctioneer Stuart Wade made it clear the sale was for the land under the unfinished town houses and the structures would have to be dealt with by the new owner.

The set of partially finished town houses, which were a part of the St George Springs development, were sold by the receiver of former owner MKM Group.


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