Bidder splurges $2.1m to prevent 'anything stupid' happening to vacant block

SOLD: Auctioneer Lachlan Hutchins of Stean Nicholls during the auction of 674 David Street. Picture: JAMES WILTSHIRE
SOLD: Auctioneer Lachlan Hutchins of Stean Nicholls during the auction of 674 David Street. Picture: JAMES WILTSHIRE

A vacant block of land in central Albury sold for $2.1 million on Saturday amid a quick frenzy of bids.

Auctioneer Lachlan Hutchins, of Stean Nicholls, said 674 David Street was one of the last bare lots in central Albury.

The 2125 square metre block came with an additional 583 square metre parcel of land, which sits opposite the site across a back laneway.

Bidding began at $1 million in front of a crowd of close to 100 people.

Offers came in quick succession before Jarrad Hutchinson made the successful $2.1 million bid.

Mr Hutchinson, whose family owns and runs Sodens, wanted to secure the block to ensure something sensible was built.

"I wanted to make sure no one does anything stupid with it," he said.

Mr Hutchinson said he might develop units or a house on the block.

The parcel of land was one of six properties to be auctioned on Saturday.

SOLD: PJ Murphy auctioneer Leon Kowski overseeing the sale of 8 Coulston Street, which sold for $645,000 on Saturday. Picture: JAMES WILTSHIRE

SOLD: PJ Murphy auctioneer Leon Kowski overseeing the sale of 8 Coulston Street, which sold for $645,000 on Saturday. Picture: JAMES WILTSHIRE

A five-bedroom, two-bathroom house in Wodonga attracted 15 bids from three parties before selling for $645,000.

The site at 8 Coulston Street last sold in June 2002 for $43,000, making Saturday's sale a 1400 per cent increase in value over almost 20 years.

Auctioneer Leon Kowski, of PJ Murphy, described the home as a "family dream".

He said the vendors had spent 20 years making memories in the home and the sale was a great opportunity for someone else to create their own memories.

SELLING: 8 Coulston Street went under the hammer and sold for $645,000 on Saturday. Picture: JAMES WIlTSHIRE

SELLING: 8 Coulston Street went under the hammer and sold for $645,000 on Saturday. Picture: JAMES WIlTSHIRE

Earlier that morning, PJ Murphy sold 26 Pioneer Place in Thurgoona for $580,000 after it was initially passed in at auction.

Across in East Albury Stean Nicholls oversaw the sale of 486 Ebden Street for $540,000.

Mr Hutchins said the sale price equated to $850 a square metre.

And a three-bedroom, one-bathroom house in Wodonga, which had room for six cars, was passed in at auction after attracting a highest bid of $470,000.

Agent William Bonnici was confident the property would sell within 48 hours.

Speaking on Saturday afternoon, Mr Bonnici said since the auction they had received a couple of offers that they would take to the vendor.

A 1.7-hectare block just outside Jindera township was passed in at auction after receiving a highest bid of $660,000. It later sold.

This story Bidder splurges $2.1m to prevent 'anything stupid' happening to vacant block first appeared on Newcastle Herald.