Five minutes before the auction was due to start, Ray White agent Tony O’Doherty was optimistic about 12 Triton Street, Moreton Island selling well.

Bidders and audience members at the auction for 12 Triton Street, Moreton Island. Photo: Jim Malo

A total of 12 bidders had registered; the agents said the spoke to 60 interested parties. “You don’t get that in New Farm,” said Mr O’Doherty.

“They’re excited,” he said of the vendors. “They’re willing to meet the market.”

12 Triton Street’s view of Moreton Bay. Photo: Supplied

As the bidding was due to start, a man in the audience asked about ongoing fees associated with owning the island block, which he claimed was to the tune of $70,000. Mr O’Doherty said the owners actually paid $13,000 each year in fees.

The bidding opened with $10,000 from a phone bidder. Another bidder bumped the price up to $50,000 and the phone bidder quickly raised it to $55,000.

“You’ll never get another chance like this again,” auctioneer Philip Parker warned, but no more bidders spoke up and the hammer fell.

Only two parties bid on the block of land. Photo: Jim Malo

Mr O’Doherty said the sale price was well under the vendor’s expectations. “It didn’t get to the champagne figure and they know that.”

He said the other 10 bidders were scared off by the suggestion that they could potentially pay $70,000 in annual fees. “It’s not the purchase price, it’s the post-purchase price,” said Mr O’Doherty.

Mr O’Doherty estimated the vendors paid about $200,000 for the property nearly 10 years ago. “That’s what they paid 10 years ago, but the market has spoken,” he said.

12 Triton Street’s location in Moreton Island. Photo: Supplied

The selling agent said earlier this month that the owners planned to build a holiday home on the land, but a change in circumstances meant they could no longer go forward with the plans.

There are several similar properties on the island for sale with asking prices of $129,000-plus. Mr O’Doherty said sellers on Moreton Island would need to adjust their prices and expectations.

“But that was the case yesterday,” Mr O’Doherty said. “There’s been two sales in the past four years.”