The four-bedroom homestead of a 915-hectare Lanitza property expected to fetch upwards of $1.3 million.
The four-bedroom homestead of a 915-hectare Lanitza property expected to fetch upwards of $1.3 million.

Buyers emerge after first-round auction

BUYERS have slowly emerged from the woodwork following an Elders Grafton real estate auction on Tuesday night and agents are confident a Lanitza property valued at more than $1.3 million will be sold within a week.

Though only three of the 14 listed properties sold on the night, one was sold prior to auction, another had contracts exchanged yesterday morning, and offers have been placed on a further two.

Elders principal Dave Dart said more than 100 people attended the auction upstairs in the agent’s Prince Street shopfront.

“We had about 20 registered bidders,” Mr Dart said.

“I thought the buyers were a bit tough on the night.”

Though three properties received no bids at auction, fellow Elders principal Andrew Brien said it was good to see bidding on most of the properties on offer.

Agent Stan Pitkin said negotiations were progressing on a Nana Glen property with a sale expected to be secured in the near future.

The 915-hectare Lanitza property attracted the most spirited bidding on the night with at least six bidders trying to get hold of the mortgagee in possession opportunity.

It ended up passing in for $1,305,000.

Offering a four-bedroom homestead, 2km of Orara River frontage, 17 freehold titles on gently undulating land and orchards, it was no surprise to see interest high, Mr Pitkin said.

He said the negotiation process with a mortgagee situation was more complicated than most because receivers had to consult creditors about the price.

“Negotiations are continuing with the highest bidder and we are hoping for a sale within a week,” Mr Pitkin said.



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