Auction exceeds hopes

Tuesday 7 December 2004

A well attended house auction in Timaru yesterday highlighted the demand for development properties, according to Morton's real estate managing director Gerald Morton.

By The Landlord

The estate property situated at 171 Douglas Street had a quotable valuation of $103,00 but sold for $268,000.

"It was a good redevelopment site in a prime area. We'd hoped it would go for between $200,000-$250,000 . . . so it's exceeded our expectations," Mr Morton said.

A brick villa on a 1305-square-metre site, the property attracted bids from eight parties.

"There's normally only two or three bidders so it was one of the best auctions we've had in the last couple of months," he said.

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