Falls Creek developer to auction 77 resort properties

Melbourne property developer Morry Schwartz is to sell his entire portfolio of 77 properties at Victorian ski resort Falls Creek.

A total of 73 apartments and four retail spaces in the Huski, St Falls and Silverski projects developed by Schwartz with his son-in-law, the architect Callum Fraser, will be sold on 28th August in a "no reserve" time-limited auction where all properties will be sold simulataneously.

Schwartz admitted the sale method was risky but said he was selling the properties to free up funds to begin other developments in Sydney and Melbourne.

Bidders will be linked from most Australian capital cities, as well as Singapore and Hong Kong, to the auction in Melbourne's Crown Casino.

Schwarz told Melbourne newspaper The Age "my gamble is that (they) sell at a good enough price. I do expect a discount but I don't think it will be dramatic."

All the properties will be sold on the day.

Falls Creek averaged about 30 sales this year and an extra 77 properties flooding the market was likely to cause a glut for other vendors according to valuer Peter Hay of the Hay Property Group.

Hay explained "'I think there will be some really, really cheap properties if it's not underpinned with some reserves. For the sake of Falls Creek, I hope it works."

Sales of property on Victoria's ski slopes are currently were well below their high point, Hay added, stating "at the moment, for all snow mountains, this has been the slowest year for 10 years."

The apartments are expected to sell for between $100,000 and $1 million. They range from studio-style accommodation to penthouse homes.

For more information go to www.fallscreeksnowsale.com.au/

Image: The Huski resort at Falls Creek.