Olliers Road holdings sell above expectation

Three parcels in development zone go for $5.7 million, result shows confidence in Ballarat market says lead agent.

DEVELOPERS have pounced on a one-hundred-and-fifty-acre parcel of farming land auctioned on the weekend in Ballarat’s Northern Growth Investigation area.

The three parcels sold for $5.7 million, well beyond market expectations, and attracted interest from local and out of town buyers and land bankers.

Marketed and sold by hockingstuart Ballarat, the result from the Olliers Road, Mount Rowan property was a great outcome said lead agent Tim Valpied.

“We put out there into the marketplace via a number of websites and other advertising mediums,” he said. “Interest came from far and wide very quickly. I don’t know exactly how many enquiries we had, but it was substantial. What we noted was there was good local enquiry but the out of Ballarat parties were the strongest.

“There were at least seven parties that joined the bidding and there were several that were there intending bid that didn’t get the opportunity.”

Interest in the opportunity coincided news that the City of Ballarat council was considering expanding residential zoning boundaries in Northern Growth Investigation area.

Regardless of the outcome of council deliberations, Mr Valpied said the successful auction shows strong belief in the Ballarat real estate landscape and the potential of residential developments to the north of the city centre.

“I think the result is more about the confidence Ballarat market from not only local people but also external parties,” he said.

“That’s never been confirmed more strongly than people willing to bid so strongly at an auction without the safety net of what often developers seek, which is lengthy settlement times and lengthy due diligence processes.”

While he was unable to disclose the successful bidder, Mr Valpied confirmed the buyer wasn’t from Ballarat.

“I’m able to say the buyer was not local,” he said.