Port Campbell, Peterborough blocks fetch top dollar at auctions

Falk & Co director David Falk said in addition to those properties in Port Campbell and Peterborough another 13 blocks of land in Port Campbell's new Arches Estate were sold via a three-day online auction recently.

The estate first went on the market in February/March but was only offered to Corangamite residents first who snapped up 28 of them in a few days.

The blocks sold at the weekend mostly went to locals, Mr Falk said, while some went to buyers from Geelong and Melbourne.

The blocks - which range in size from 600 to 800-square-metres - sold for between $260,000 and $309,000.

Mr Falk said the prices were slightly above expectations but one fetched 20 per cent more than the reserve.

Only one block remains - the biggest - which is 2500 square metres.

"It's amazing," Mr Falk said.

"It's incredible to think you can sell a whole estate that quickly."

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He said the Antares Estate in Peterborough, which came onto the market during the global financial crisis, took 10 years to sell out.

But at the weekend one of the blocks in that estate went up for auction, fetching a price that was about double what it sold for about five years ago.

Mr Falk said 70 people attended the auction at 17 Loch Ard street.

There were five bidders for the 662-square-metre block which sold for $325,000 - $100,000 over the reserve.

"It was way over the reserve," Mr Falk said.

He said there hadn't been many land sales in the area to compare it to to know what it might fetch now.

"It was a bit of a test case in that respect. It's amazing. It just doesn't stop," he said.

Mr Falk said about five years ago a block in that estate sold for about $160,000- $170,000.

He said a block of land at 86 Merritt Street had sold in February for $460,000 - a huge jump from the $280,000 it fetched in 2018.