Kicker - A free land auction

MYRNA BROWN, HOST: A small town in Queensland, Australia just sold blocks of free land for hundreds of thousands of dollars. That’s no freebie!

Here’s what happened:

The Quilpie town council marketed six plots of land as—quote—“essentially free.”

Buyers would have to pay a reserve price of about $12,000 dollars. But they were offering new homeowner grants for the very same amount.

To receive that grant, they had to agree to build a house in the tiny town and live in it for six months.

Lots of interest, more than 600 inquiries from people as far away as Hong Kong.

The council settled the competition by auctioning off the plots of land. Each plot eventually sold for $45-to-$75,000—3 to 6 times what it was worth! And the plot thickens...

After the success of the first offer, the town is considering making more plots available. Surprise, surprise.

It’s The World and Everything in It.

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