You can now buy a whole town in Australia for less than a £1
A large chunk of Yelarbon, a rundown estate in Queensland, is up for auction with no reserve price
FORGET saving up for a house deposit because you can now snap up an Australian town for less than a £1.
A large chunk of Yelarbon, a rundown estate in Queensland, is up for auction with no reserve price.
The lucrative plot includes eight commercial buildings – including shops and a post office – as well as a three bedroom home.
There is also a pub and a primary school, with 34 students, in the town.
Yelarbon is more than 300 kilometres south-west of Brisbane on the New South Wales border, and has a population of around 450.
The dilapidated properties have piqued the interest of hundreds of potential buyers, commented auctioneer Jodi Bynon.
He said: “At the end of the day, there’s very rarely a no reserve auction, we will open it to the public for bidding and wherever it stops is what it will sell for.”
The previous owner, who died in 2015, bought the properties in 1989.
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The once-thriving rail town, has, like many regional agricultural centres, dwindled in recent years but Jodi said the no reserve auction offered the plot a chance to reinvigorate itself.
“At the end of the day, someone will be able to buy this for one tenth of what they would pay in Warwick or Toowoomba or Brisbane,” he said.
“The no reserve was a consultation by the vendor and myself, we decided we could donate to the community something beneficial.
“At the end of the day, it’s not about getting the maximum amount but getting the town growing again.”
The town will be sold at 10.30am on Saturday 30 July.
See, for more information.