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 LandlordThe 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.
Read More - Opens in a new window
Commenting is closed
There’s no sign of a slow-down in Wellington’s property prices with Trade Me Property’s latest data showing that asking prices continue to rise solidly.
Auckland-based commercial property disrupter, Jasper, has raised $2.3 million in seed funding following investment from European asset manager M7 Real Estate.
LVR restrictions were never meant to be a permanent feature of New Zealand’s housing market and ANZ economists argue that some further relaxing of them could soon be on the cards.