Approximately 85 properties dotted across the far-west of regional NSW went under the hammer last weekend, with some landlocked blocks selling for a dollar.
The properties were situated in Broken Hill, Ivanhoe, and Wilcannia, among other areas. Prices spanned from $35,000 – for a house and land package in Wilcannia, to one dollar blocks of land useless and inaccessible to anyone but the direct neighbours who placed the successful bids.
The properties were auctioned off by Ray White Rural Broken Hill on behalf of the Central Darling Shire, after owners neglected to pay rates for five years. The unpaid rates totalled over a million dollars.
“Approximately 85 properties went under the hammer, and all were sold,” Ray White Rural Broken Hill principal Clifford Wren told Elite Agent.
“The landlocked properties ranged in size from one acre to 80 acres. Prices for landlocked properties were from $1 to $250.”
“These properties were sold to adjoining properties and/or station title holders. Some of these landlocked titles had never popped up in the conveyancing circle when these stations were sold in the past.”
The properties weren’t able to be accessed by road, making them useless to developers.
“It was made very clear that if anyone intended to bid on these properties that no access was available as they were landlocked and had no formed access roads,” Mr Wren continued.
“You would have to trespass on the neighbour’s property to gain access. This is the reason the land sold cheap and to the neighbours.”
