Investors have snapped up four dual-occupancy lots in Dubbo's Keswick Estate at an auction that yielded a combined sale total of $714,500.
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The largest of the blocks of land on offer sold for $192,000 - a new top price for a dual-occupancy lot in the residential subdivision.
Vendor Dubbo City Council reported all four had reached or exceeded the reserve price it put in place.
The auction last week was the first of two planned for the dual-occupancy lots in the second release of Keswick's stage four.
The release also contained 33 single-dwelling lots, which went on the market for sale off the plan in November for prices ranging from $133,000 - $155,000.
The council elected to sell the dual-occupancy lots by auction, as it had for previous releases of its subdivision in the south-east of Dubbo.
The four parcels of land on offer all sold under the hammer for $165,000, $166,000, $192,000 and $191,500 respectively.
Selling agent Bob Berry said there were six registered bidders at the auction and "spirited competition" for the four blocks.
"The auction was conducted with no vendor bids," he said.
"Interestingly all were purchased by investors, there were no direct purchases by builders.
"The attraction was the proximity to Orana Mall, schools and medical centre, they were looking ahead seeing it as a great location."
Council commercial facilities manager Simon Tratt said the previous top price for a dual occupancy lot in Keswick was $182,000, set last year.
He said the latest dual occupancy lots on offer were marginally larger, providing more design opportunities to the developer.
"The auction shows there is still a demand for dual-occupancy lots that are designed with dual services and of a size that provides scope for different design outcomes," he said.
The manager advised that both attached and detached dwellings were permissible on dual-occupancy lots.
"Some have built a common party wall, but the vast majority are looking to build detached buildings, to end up with two stand-alone houses, each having separate street frontage, which is the advantage of the corner block," Mr Tratt said.
The remaining three dual-occupancy lots in the release will go to auction on May 28 and range in size from 965 to 1166 square metres.
