More than 30 people attended the Korumburra saleyards auction on Friday morning, but only two of the six blocks were sold. C214414.
TWO of six blocks at the former Korumburra Saleyards were sold at auction last week, after the site failed to sell as a whole.
Around 30 people, including many onlookers, attended the onsite auction last Friday on the South Gippsland Highway.
Auctioneer Dave Clark, representing Auddino First National, described the site as an “incredible opportunity” stating that the vendor wanted a sale on the day.
The entire site was auctioned first with an opening bid of $600,000, quickly followed up with a vendor bid of $800,000.
The only bidder raised it to $900,000, before another vendor bid of $1 million.
“We have had interest far in excess of $1 million,” Mr Clark said.
“One of these people is here today and I am not sure why they are not bidding.”
Another vendor bid of $1.35 million saw the property passed in before the site was then auctioned off in six individual lots.
The first two blocks were then auctioned as a package, but were again passed in for $400,000 after they failed to reach the reserve.
The lots were then auctioned off individually and it was here that the first sale of the day was made.
Bidding on behalf of the Korumburra Agricultural and Pastoral Society for the 6670ms block which sits adjacent to the Korumburra Showgrounds was Bruce Holman.
Bidding opened at $80,000 but a vendor bid saw the price rise to $120,000. Jumping at the opportunity, Mr Holman matched the bid, and the block was sold.
“We bought the block for the future expansion of the showgrounds,” Mr Holman.
“We want the future generations to have enough space. We are happy with the outcome today.”
The second block failed to sell and was passed in at $300,000, as was the third, a 3445m2 block passed in at $100,000.
It was a similar story for the 29860m2 block, the largest individual lot of the site with bidding opening at $600,000.
The block was also formally passed in at the vendor’s price of $700,000.
The second purchase of the day came when a 6272m2 block was sold for $225,000 after bidding opened at $180,000.
The final block again was passed in despite reaching the reserve price.
Private negotiations regarding the sale of the remaining four lots are now expected to take place.
Auctioneer Dave Clark said it was the first time in 25 years he had passed a property in on reserve price.
Help pay for Showgrounds expansion
AFTER securing a rear block at the former saleyards site when it went to auction last week, the Korumburra Agricultural and Pastoral Society will now turn their focus to funding the $120,000 purchase.
Member Bruce Holman said the society would like to hear from anyone who may be interested in assisting the purchase by way of a donation or debenture.
“We would really appreciate any help,” Mr Holman said.
If you would like more information on how you can help, contact Mr Holman on 5659 2236.