Richmond QLD offers land for $1

The rural town of Richmond in Queensland has a population of just around 700 and the centre is attempting to bolster its modest number through the bargain of a lifetime with cheap real estate.

Richmond Shire Council, the body that governs an area 500 kilometres west of Townsville, is considering offering blocks of land to the public for one Australian dollar, as reported in the Townsville Bulletin.

In an attempt to prop up the town which was suffering from a skills shortage, in 2008, ten blocks of land were put up for $1. Subsequently, seven blocks were sold.

"We've decided that we want to help people out for $1 in the hope that in return they will build a home and move to Richmond and maybe offer some skills in the town," Richmond Shire Council chief executive officer Michelle Clarke said to the Townsville Bulletin, at in 2008.

It comes as The Australian reports that the median house price for the Brisbane suburb of New Farm is at $940,000, with some people paying anywhere between $3 and $9 million for a property.

The high end suburb has seen a resurgence of interest from buyers who have a sizeable amount to invest in a property.