11:00a.m. 14th July 2008

| By Alan Lander

Ken Guy auctioneer Mark Unkel does his best to inspire some bids from the crowd at the Earlybird Drive auction. Photo: Cade Mooney/177006

What do you think 2.83 hectares – seven acres – of Buderim rainforest land containing a Queenslander home and 10 B&B cottages is worth?

Two million dollars ... maybe three?

Certainly more than the $1.4 million offered at auction on Saturday.

Amid further indications the Coast property market may be plummeting, a mere three out of nine people who registered for a bidding paddle actually took an active part.

And despite auctioneer Mark Unkel’s $1 million opening figure for bidding, the first actual offer was $750,000.

Photo Gallery: Buderim rainforest property

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The “lifestyle retreat” property is based in the heart of Buderim and contains a main home, built in 1910, along with 10 bed-and-breakfast cottages set among the trees.

Although only three of the cottages are completed, the remainder are well advanced.

The property has boardwalks between the cottages, and a pool.

The mortgagee-in-possession auction at Earlybird Drive had attracted no less than 156 inspections in four weeks, Ken Guy Real Estate Buderim’s Craig Porter said.

“More than half (of them) said they wanted to continue what the original owner started,” he said.

But auctioneer Unkel was unable to attract much response from the crowd of 40 to 50 people.

After the initial $750,000 bid, it took another six to get to $1.4 million, which was still below the reserve.

Mr Porter later said negotiations with the highest bidder had resulted in a “significant increase” in the offering bid, but it would take until Monday before an agreement could be reached.

“I am confident we will have a contract signed by early next week,” Mr Porter said.