Metro Melbourne surpasses $1m mark for the first time
While it has lagged behind other capital cities in post-pandemic recovery, Melbourne has now cemented its resilience, re...
In what could be the biggest single auction of alpine property the country has ever seen, 76 properties are up for sale in the Victorian ski resort town of Falls Creek – with no reserve set on any of the properties.
Everything must go, and all in less than 24 hours, according to the owner of the properties, with a one-day auction set for 28 August.
The properties, developed by Zacamoco, a joint venture between Morry Schwartz’s Pan Urban and Callum Fraser of Elenberg Fraser architects, will be sold individually via the Helmsman Auction method, more commonly used for livestock, with no reserve set on any of the properties.
“The nature of the Helmsman Auction allows bids to be submitted for multiple properties simultaneously and also opens up the possibility for investors to purchase multiple adjoining apartments or the entire portfolio if desired,” said Mark Williams, CEO of Ray White Commercial, who will conduct the auction.
The auction, which is set to take place at Crown Casino in Melbourne, is expected to attract interest from prospective buyers from across the globe, including Singapore, Hong Kong and Kuala Lumpur.
“With [Mr Schwartz] looking to divest his entire portfolio on one day, we expect interest from a broad cross-section of buyers and investors, from those looking at the very top of the luxury sector to others who see an opportunity to enter the market,” Mr Williams said.
Mr Schwartz said he was selling the properties to focus his energies on the boutique property markets in Melbourne, and potentially Sydney.