Mt Hotham's $14,000 land sale

Mt Hotham's $14,000 land sale
Mt Hotham's $14,000 land sale

A block of leasehold land in the Victorian ski resort of Mt Hotham sold on Easter Saturday at a no-reserve auction for just $14,000.

Another leasehold block sold at $18,000, the cheapest sales on the mountain in 35 years.

The two properties were the last holdings in Venture Technologies Corporation's Mount Hotham property portfolio.

Venture Technologies executive Ron Bassett invested more than $50 million in Mt Hotham and nearby ski field, Falls Creek in the 1990s.

Agent John Castran said the sales were the cheapest on the mountain in 35 years.

They were both on 40 year leases.

The two properties were the last holdings in Venture Technologies Corporation's Mount Hotham property portfolio.

"I was astounded at how low the properties sold for," Mr Castran told the Australian Financial Review.

The buyers are residents who want to develop the land into cabins for the great views at Higgi Drive, Mount Hotham.

One was 11 sqm the other 288 sqm. 

John Castran, managing director of Castran Real Estate, which sells properties around Victoria’s alpine towns, had previously advised he though prices had bottomed out in 2013.

Construction on a $4.4 million investment into further snowmaking infrastructure was scheduled to be completed in time for the 2016 snow season.

Jonathan Chancellor

Jonathan Chancellor

Jonathan Chancellor is one of our authors. Jonathan has been writing about property since the early 1980s and is editor-at-large of Property Observer.

Tags: 
Residential Sale Mt Hotham

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