Metung properties sell out in mass auction

February 10 2014
Nicole Lindsay   

Fourteen hundred potential buyers swamped the Gippsland lakeside town of Metung, keen to pick up a bargain site for their dream holiday home or boat.

All 86 properties put to auction in East Gippsland on Sunday afternoon sold under the hammer, fetching more than $11.5 million.

It was full house at the Metung Hotel, where the auction was held, with all attendees required to register their interest before entering a waterside marquee.

Castran Real Estate agent John Castran said 95 per cent of the buyers were from Melbourne. "We sold everything. Not one property was passed in and we had multiple bidders for every property,'' he said.

The sites, about 280 kilometres east of Melbourne, included five development sites, 32 marina berths, waterfront land blocks and a 4000 square metre commercial site.

The bulk mortgagee auction followed the collapse of local marina developer Riviera Properties.


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