Acreage property attracts million-dollar lifestyle bidders

DEMAND for acreage lifestyle properties close to Torquay and Geelong is running hot with another rural holding exceeding all expectations at auction over the weekend.

Richardson Real Estate’s auction of 895 Blackgate Road saw an incredible amount of enquiry for the 160-acre block without residence prior to auction, resulting in three core bidders pushing the price well beyond the reserve to $1,800,000 at the fall of the hammer.

With the first bid via telephone coming in at $1,400,000, auctioneer Peter Bell battled away with $5,000 bids for some time until one bidder put an end to it all with a $35,000 bid to take the property.

The winning bidder, an astute property investor and former farmer who is building his investment portfolio after a recent successful land deal in Armstrong Creek, has positioned himself perfectly with this property that backs onto the Anco Turf Farm, John Pawsey Jnr Lane easement, and will be close to the proposed future train station.

This sale, on the back of some other recent lifestyle properties of similar acreage, sets $11,000 per acre as the new benchmark when it comes to lifestyle holdings close to Geelong and the coast.