Mega auction makes history

FOUR properties will go under the hammer next week in a multi-million-dollar sale that agents claim is the biggest development auction in Bargara's history.

FOUR properties will go under the hammer next week in a multi-million-dollar sale that agents claim is the biggest development auction in Bargara’s history.

In an indication of the strength of the Bargara market, one of the properties increased its value by more than 10 times the last time it was sold.

The property, at 93 the Esplanade, was sold in 2001 for $130,000. In 2007, it sold again for $1.75 million.

Richardson and Wrench marketing agent Le-Ann Allan said the four properties were being sold by a local developer who wanted to concentrate on projects in Bundaberg.

Searches have revealed the four properties are owned by Dream Seeds Pty Ltd.

“It reinforces confidence in Bundaberg and Bargara,” Ms Allan said.

“This will set the future of development in Bargara.”

Ms Allan said she expected the four properties to attract a total sale price of up to $4 million.

Two of the properties are on the Esplanade and two on Holland Street.

Ms Allan said property in Bargara in general was attracting a lot of interest.

“It’s attracting people from the local Bundaberg area and from all over the state,” she said.

“People want to escape the hustle and bustle.”

Veteran Bundaberg developer Bill Moorhead agreed Bargara was poised to go ahead strongly.

While he was not familiar with the four properties to be sold next week, Mr Moorhead said there was definitely growth in value to be had in properties in the coastal area.

“If you can buy at the right price anywhere there, you will do very well,” he said.

“They present opportunities — I’d recommend anyone with the money to grab it,” he said.

MR Moorhead said Holland Street land was attractive.

“People don’t realise it but Holland Street is the old traditional business centre of Bargara,” he said.

“Anything along there is an awesome opportunity.”

Mr Moorhead, who is still developing property in the Bundaberg region, said there was still steady demand and he was very happy with the progress of his projects at the moment.

“The market overshot a few years ago but it has come back,” he said.

Mr Moorhead said he had several hundred blocks in development.

Originally published as Mega auction makes history