The Railway Hotel
The Railway Hotel Contributed

Railway Hotel sells under hammer

ABOUT 80 people attended Harcourt's in-room auction last weekend where 10 properties were up for bid.

"We had 15 registered bidders and sold four properties under the hammer. We are negotiating three others," Harcourts proprietor Nathan O'Neill said.

"People are starting to gain more confidence in the market and there is the possibility of another interest rate decrease," he said.

"The average price for our in-room auctions was $240,000 and that's now $388,000. The average time for a property to be on the market is 120 days but 85% of properties that we put under the hammer have sold in 50 days or less."

Among the properties sold at Harcourts auction last weekend was the Railway Hotel.

Mr O'Neill said there were four bidders including a phone bidder from Fraser Coast with the successful bidder being a local investor who purchased it for $360,000. He said it was his belief the new owner was going to keep the hotel as going concern.

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