By DANNY BUTTLER
AN historic Pakenham land package was sold for more than $1.2 million on Saturday.
In what is seen as a positive sign for local property prices, the two adjacent lots were sold for well above reserve prices when the auctioneer’s hammer fell.
The first auction saw two blocks at 13-15 Henry St sold for $710,000, while the next sale at 16-18 James St brought $526,000 for the vendors.
The properties, which were sold jointly by Gerard Collins and LJ Hooker, have been owned by the Webster family for around 60 years.
Steve Hobson from Gerard Collins said he expected the two properties, which were bought by the same bidder, to be developed into housing or units.
“It will be a multi-lot development,” he said.
Mr Hobson said the strong local market and a competitive auction resulted in a sale price that had the vendors “ecstatic”.
“There were two interested parties and a lot of bids,” he said.
“There is a real appetite for quality sites close to town, which is why it achieved what it did.”
LJ Hooker’s Keith Popovits, who conducted the auction, agreed that the sale of the land was a healthy sign for the local market.
“No doubt, it is a vote of confidence that people are wanting properties in that area of the town,” he said.
“It was an outstanding result for the two blocks.”
The two properties, which measured 1082 square metres and 1064 square metres were owned by former Pakenham real estate agent Noel Webster, who died in August last year, aged 92.
The Websters are one of Pakenham’s founding families, involved in civic developments and the business world.
