Auction success for development approved land at Rockyview
The auction hammer fell on the sale of development-approved land next to Olive Estate in Rockyview on Friday, with the winning bid at $790,000.
A handful of bidders turned out for the public auction of 117 Greenlakes Road at Rockhampton Leagues Club.
The block is 405 hectares and approved for a 45-lot residential subdivision.
Auctioneer Pat O’Driscoll, of Knight Frank Rockhampton, opened the bidding at $500,000.
The bids steadily rose up to $750,000 where it became tight and after $770,000 the bids were raised by $5000.
Two bidders fought it out with the final offer at $790,000.
Mr O’Driscoll said the result was “on the money” for what the owners, the Olive family, were looking for.
The development was first approved by Livingstone Shire Council in 2015 with further extensions granted until 2023.
The lots on the development start at 4000sqm and 5000sqm up to 1.72 hectares sites.
Mr O’Driscoll said the huge block sizes would appeal to buyers.
“With all these new people coming to town, particularly tradies, they can get on a really big block of land not too far from the city, where they can have their great home and the shed for all of their gear on the one site,” he said.
The block backs onto Olive Estate, a very well regarded estate in North Rockhampton.
“It’s very pretty out there, looking north over the mountains,” Mr O’Driscoll said.
“The demand is escalating exponentially, to find that park residential opportunity that is already associated with a subdivision.”
The new owners, who are Rockhampton based, plan to carry out the development and take the lots to the market, which Mr O’Driscoll will continue to be involved with.
He has already received calls from buyers wanting blocks.
“The excitement and demand for that style of living is still there and growing,” he said.
Partner of Knight Frank Rockhampton and owner of Pat O’Driscoll Real Estate, Mr O’Driscoll said his staff of 38 people had been inundated with enquiries and interest in property sales in the region.
With a 42-year long career in the industry, it is the strongest and most buoyant he has ever seen the market.
And why wouldn’t you want to live in Rockhampton?
“If you start to write down what the Rockhampton region has to offer, there are few cities and regions around Australia that can compete with that,” he said.