On behalf of the ACT Government’s Land Development Agency, Colliers International were appointed to sell the first release of land in the in the new suburb of Throsby.
Friday’s sales event saw some 200 developers turn up to bid for three multi-unit sites and four packaged land lots. The sites sold for a total of $16.8 million.
With more than 800 registered bidders, Saturday’s auction saw more than 1,000 people turn up to bid for 106 land lots, ranging from 315 to 1,035sq m. More than 1,900 bids were made and all blocks were sold under the hammer on the day. The average sale price was $450,217 with the largest block fetching $665,000. The Land Development Agency was very happy with the result and although the reserve prices were published at the beginning of the marketing campaign, we achieved a total of $47.723 million at auction, considerably higher than reserve.
Congratulations to Shane Radnell and the Residential Land team in Canberra for delivering such an amazing result for the client and making the day a huge success.