It looks like Kiama Council will have to lower its asking price to cash in on the sale of the five residential lots at Glenbrook Drive which were passed in at last Saturday’s auction.

A crowd of onlookers and serious buyers assembled on site at 17-25 Glenbrook Drive but after bidding on each site, they were not sold.

The final bids ranged from $855,000 to $900,000 but fell short of Council’s guide price of $950,000.

Council is due to hold a confidential Extraordinary Meeting on Thursday evening to decide what to do next after the auctions fell short of the reserve prices.

Kiama Council issued a statement to say there was “strong interest, with a well-attended crowd, multiple registered bidders, and competitive bidding”. 

While the lots did not sell under the hammer, Council remains committed to achieving a successful outcome.

Mayor Cameron McDonald said the reserve price for each block was determined using pricing guidance from the appointed real estate agents and an independent valuer. 

These valuations were based on comparable sales within the Kiama Local Government Area. 

In accordance with the Local Government Act, Council is required to obtain the highest and best price for all land sales and to test the market.

Cr McDonald said the auction was an important step in Council’s broader land sales process.

“While the lots didn’t sell at auction, we’re confident in the value and appeal of this land,” he said. 

“We’ll continue working closely with our agents and prospective buyers to secure the best possible result for our community.”

First National Coast & Country were engaged as the selling agents and sales representative Sam Lathbury said they were in contact with several bidders to continue negotiations. 

“Overall it’s been pretty positive in terms we have lots of buyers but we haven’t quite met the price directive set and we’re working on that to get that closer together,” he said.

“Anywhere that you have things passed in there’s a bit of negativity attached to that but it’s not like we’re too far apart.

“We’re pretty confident that over the next two weeks that we will be able to put these all together.”

Council encourages interested parties to contact First National Coast & Country for further information and new bidders will of course be considered.

The Council-owned land was put up for sale after years of negotiations to cut through bureaucratic red tape to have a long-standing covenant removed by the NSW Government.

The covenant was placed on the land way back in 1991 because it was deemed too close to Bombo Quarry but many other houses have been built in the cul-de-sac, a three-minute drive west from the Kiama town centre.

The lot sizes range from 531sqm to 559.6sqm.