Seven Mile blocks are going, going … gone

The competition was fierce at the Seven Mile land auction. Picture: Supplied

SIX 1ha lots at Seven Mile Beach have fetched over $5m under the hammer.

Nest Property agents Todd Pepper and Melinda Warren say they could not have hoped for better.

The hillside land sale attracted about 120 people on the day.

Mr Pepper said the turnout was “fantastic”.

“We set the reserve for the first two lots at $800,000 and after reaching that price comfortably we left them all at that number,” he said.

“In total, they ended up selling for $5.33m, an average of $889,000 each for the lot.

“The purchasers were all ecstatic and obviously the vendor was as well.”

Lot No.53 and No.27 both sold for $905,000; No.54 fetched $900,000; No.52 went for $880,000; and lots No.26 and No.28 were sold for $870,000 each.

A great turnout.

Two lots shared the day’s top price, $905,000.

The results show just how far the market has come in a short time given the blocks neighbouring these lots sold in 2020 for about $460,000 at the high end.

While the day was a success with its 100 per cent strike rate, Mr Pepper said there were a few nerves at the start, especially when bidders were shy about starting bidding.

“It makes you wonder what was going to happen,” he said.

“Early on we only had 10 registered bidders, but we were buoyed by the fact that by the time we started there were 27 and at the finish there were 31 — four jumping in during the process.

“There were a few people in the crowd that thought the bids would go even higher — and a number may have been willing to go there — while some others were hopeful for prices in the high $700,000s.

“One guy bid on every lot and was unfortunately unsuccessful.”

Six 1ha lots at the Single Hill Estate were sold for over $5.3m.

Nest Property’s Melinda Warren and Todd Pepper. Picture: Zak Simmonds

Mr Pepper said it was interesting to watch the strategy that buyers used, with quite a few making $10,000 bids.

“Often people would fire straight back with their own $10,000 bid,” he said.

“There was one at the first lot who went from $880,000 to $900,000 and that bid was enough to scare the other buyers off. That one was a great way to start with a sale $100,000 above the reserve. It set the tone for the other lots.”

Each of the lots was purchased by Tasmanians, including a couple that had just moved to the Apple Isle just one week prior to the auction.

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