High prices for land continue

Press, Volume CXIII, Issue 33413, 20 December 1973, Page 1

High prices for land continue

High prices for land in Mid-Canterbury continued yesterday when a freehold property of 1785 acres at Mount Somers was sold for $338,000 ($lB9 an acre) at public auction in Ashburton.

The property was bought by a farmer from Central Otago. Substantial interest was shown in the auction by a gallery of about 70. The property was offered on account of Mr A. C. Begg by Dalgety New Zealand, Ltd, and was described as a well - developed farm, situated in a sought-after area, with outstanding capital improvements. The improvements include a modern homestead, two married couples’ houses, and a full range of farm buildings.

In a 40in rainfall area, the farm is divided into 36 paddocks. Also sold with the farm were 5650 sheep and 235 cattle.

Bidding opened at $260,000 and rose briskly in $lO,OOO bids to $295,000. Bids of $5OOO then brought the price to $310,000. Further bids of $lOOO brought the price to the final figure of $338,000. The auctioneer was Mr J. M. Morrison. Another Mount Somers property, of 509 acres, was sold for $170,000 ($334 an acre) at an auction in Ashburton last week. The property was sold on behalf of Mr G. C. Keast to a North Island buyer. Bidding opened at $260 an acre and rose in $lO bids to $320. Further bids of $5 and $1 brought the final price to $334 an acre.

About 30 persons attended the auction, also conducted by Dalgety New Zealand.