Prime Emu Park blocks snapped up
THE sale of a prime piece of land in the heart of Emu Park is expected to fetch more than $750,000.
Selling agent Kev Doolan from The Professionals, Emu Park, said the land, on Bright Street, comprising three lots, went up for auction last Saturday.
Two of the blocks sold, fetching a total of $570,000, while the final one is under negotiation and expected to reach around $200,000.
“It is very rare to have properties for sale in that location, so close to town,” Mr Doolan said.
“It is the location that sold it.”
And that location has been sought after for years, with people interested before it came up for sale.
With views of the ocean, islands and even the Singing Ship, Mr Doolan said it was no wonder people had been inquiring about the vacant land for years.
The 12 registered bidders at the auction made bidding brisk.
Mr Doolan said the three properties were part of a family estate, sold under instruction from the Public Trustee.
“It was in the family for over 60 years,” he said.
Mr Doolan said the auction’s success showed the strength of the regional economy following good sales in both land and property in the past six months.
RP Data records the median price for land in Emu Park in September was $140,000, down from July’s median price of $220,000.
January, February, March and May prices were among the highest for 2009, ranging from $362,000 to $400,000.
The lowest median prices were in April at $120,000, still way above the average median prices of around $50,000 in 1999.
In Zilzie, RP Data showed lower median prices in general so far this year, with the highest in February of $285,000 and the lowest in May of $85,662.
Until 2008, statistics show Emu Park land prices were selling above average prices for the whole of Livingstone Shire.