A tractor being sold on Trade Me for a $1 reserve, with the winning buyer getting a free 8.1 hectare farm in the Catlins, has attracted bids of more than $100,000.

The property was described as near the Southland town of Owaka, with two native bush blocks on three terraces, about 50 pine trees, and with sewerage and power connected.

The International 574 tractor had a bucket and back blade.

The property's Gore-based owners, who decided on the auction on the spur of the moment last night, are planning to travel for a while.

"We bought the farm to put into a business or an orchard and up until bedtime last night we were going to take it off the market and keep it as a base for the future.

"But he (my husband) said to list it for a $1 and now it's too late to change our minds."

The rateable valuation on the property as of September 2008 was $260,000, including a fire-damaged house which had since been taken down.

The foundations remained, and the owners said they had done well over $100,000 worth of improvements on the farm.

The auction could set the sale price for the tractor and farm, but a separate sale and purchase agreement for the land has to be signed after the auction closed on Sunday night.

The auction had attracted 78 bids, with the latest bid of $100,100, placed this morning.