Vacant land at Russell Island went under the hammer this morning at the Redland City Council's overdue rates auction

SIXTY land owners have paid their overdue rates at the eleventh hour to save their properties from being auctioned by Redland City Council.

BIDDING WAR: About 60 people came to the Redland City Council's overdue rates auction at RPAC on October 27.

BIDDING WAR: About 60 people came to the Redland City Council's overdue rates auction at RPAC on October 27.

Council had advertised earlier this month that 64 properties would be sold unless owners paid rates by October 27.

By the auction at 10am today just four vacant land blocks at Russell Island were left to go under the hammer at the Redland Performing Arts Centre.

A council spokesperson said is was owed a total of $9 million in overdue rates as of September 30 2021.

Councils are allowed to recover rates by selling land when some or all charges have been overdue for three years or more.

The sale drew about 60 bidders to RPAC, with a further 30 online from Queensland and interstate.

The four blocks were sold for prices ranging between $41,000 and $47,000 to three in-person bidders and one online.

Retiree Andrew Pellman of Meadowbrook bought a Monaco Avenue block, saying he already owned multiple blocks on Russell.

"I'm going to keep it and I will hand it down to my sons when I'm not here and they'll build on it. It will give them a great start."

UNDER THE HAMMER: Auctioneer Paul Moore said the exiting market in the Redlands was a great opportunity for buyers.

UNDER THE HAMMER: Auctioneer Paul Moore said the exiting market in the Redlands was a great opportunity for buyers.

Mr Pellman said he got a fair deal at the auction.

"A lot of people have expectations for these unpaid rates auctions, but with the current property market in Queensland it is still the cheapest land and in a few years time it will be a lot more expensive than $40,000," Mr Pellman said.

"I've watched the market in Redlands. I've seen it grow, and I really can see a bright future for the whole area."

He said the Russell Island market was getting stronger which was a great opportunity for investors.

"I think for people who are investing at Russell Island for their kids, or young people just coming into the market, it's a great opportunity for them. They won't lose," Mr Pellman said.

"It will develop. It's going to develop, and I hope young people can jump on it and set their life up for the future."

Auctioneer Paul Moore, who has done council's unpaid rates auction for the past six years, said it was a chance for buyers to invest in a good market.

"This is the most exciting market I've ever seen," he said.

"There's active and competitive bidding here, and that's great to see... I haven't seen this kind of growth for an extended period of time.

"We have boom times, and generally they tend to run out of steam, but this one just doesn't like it's going to stop."