Agency gears up for their first online auction

A real estate agency has decided to offer a property for sale by online auction, a first for their agency, with bidding running over two days in October.

Cooltah (pictured below), a property in the Macquarie River Basin, will go to online auction on 29 October, with bids closing at 3.30pm on 31 October, through rural property specialist agency Meares & Associates, Sydney.

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With a five to six kilometre frontage to the Macquarie River and a large proportion of arable land, current anticipations are that the property will sell for between $4 and $4.5 million.

Chief executive of the agency, Chris Meares, said that they had been watching the technology emerge for some time and with the resurgence in the market lately they were confident it was time to introduce the online auctions to their agency. 

"Bidders will be able to inspect the property, carry out their due diligence, and then bid for the property over 48 hours from wherever they wish,” said Meares.

Cooltah was developed by David and Marsha Shibble in year 2000. 

Sales and marketing for Meares & Associates, Sam Triggs, said that investors looking for low-risk and maximum productivity will be interested in this purchase.

"With 37% of the property already set up for both centre pivot and K-Line irrigation and a further approximately 40% already farmed it is understandable that Cooltah can be utilized for a maximum range of enterprise options – cash or fodder cropping, cotton, pasture or pasture seed production, or breeding and fattening of sheep (prime lambs) and cattle, or just a livestock trading operation," said Triggs.

“Rated by the owners to carry approximately 15 DSE per hectare there is no doubt that Cooltah is an extremely productive farm with excellent improvements. The Cooltah homestead, built in the 1950s and extensively renovated and extended in 2011, is an attractive five bedroom, two bathroom homestead set in established gardens with an all-weather tennis court and inground swimming pool. The manager’s house is a new five bedroom home built in 2011, with a third two bedroom guest house. The farm improvements are more than adequate for the dairy, and farming operation.”

It is located 15 kilometres east of Narromine and 30 kilometres west of Dubbo.

Jennifer Duke

Jennifer Duke

Jennifer Duke was a property writer at Property Observer

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