The Millicent rail lands alongside Towers Road and Railway Terrace remain under offer according to a local real estate agent.
Rumours have swept Millicent in recent days that a prominent South East building company is the new owner.
However, management of this company has told The SE Voice that no such deal has yet been completed.
The parcel of land measuring 5.25 hectares (12 acres) was put on the open market over three years ago after being in the ownership of the State and colonial governments since the 1870s.
The land includes a telecommunications tower and the 1920s-era railway station and both structures are subject to leases.
The rail lands adjoin other State Government land which is also expected to come onto the open market this year after Wattle Range Council removed encumbrances in 2021.
For much of the past three decades, there have been talks between the State Government and local government officials about the future of the vacant Millicent land and its potential for housing or other development.