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We speak to the team behind the most intriguing recent property sale.
The property: A 110-acre (44.5ha) piece of land with a shed but no house at 1067 Rochford Road, Newham, Victoria. Sold at auction for $1.8 million.
Who was the agent/agency? John Keating, Keatings Real Estate.
How long was this on the market? [Keating] Four weeks.
No house, just a shed: But the 110-acre property at 1067 Rochford Road, Newham in Victoriaâs Macedon Ranges sold for $1.8 million. Â
Why did this one sell? Limited supply and very strong demand. It was vacant land but had a recently issued permit [to build a house] from Macedon Ranges Shire. Having a current permit is like gold. Getting it is so hard. The permit process is up to 15 months and the cost to obtain it is anything from $20k to $30k. We wonât take a property on unless it has a planning permit.
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