Drainage Bd sells last 14 sections

Press, Volume CXV, Issue 34021, 9 December 1975, Page 22

Drainage Bd sells last 14 sections

One of the most successful Christchurch subdivisions of recent years was completed on Saturday with the sale of 14 sections at Avondale, bounded by Avonside Drive and Avondale Road.

There have been six; auctions of sections I since 1971. More than; ; 100 sections have been! offered at these sales,] jand all were sold.

The land, which had been owned by the Christchurch Drainage Board for a number of years, was used by the board for river-soil deposits. It was originally low land. The sections have been topdressed. each has a sunny north-west aspect, is “pleasantly” elevated, and connected to the sewer and to high pressure water.. All sections have an underground electricity supply. On Saturday, five sections with river frontage were offered. They averaged about 650 sq. m. Price range i The highest price, $14,000, was for a section of 652 sq. m. fronting Avonside Drive. | The lowest price was $10,500, | for a section at the rear of 'the subdivision.

■ About 150 people attended 'the auction. The auctioneer {was Mr C. M. Robertson, of i Sherris and Robertson, Ltd. He said that the bidding was not as brisk as at the sale in September, probably because, with restrictions on finance, fewer builders were buying. Sales this time had been divided about equally between builders and private buyers. CHANGING VALUES The first sale of sections on the site was in December, 1971, when prices for the 10 sections sold averaged $3350. Sixteen were sold in November, 1972, for an average price of $5400, but in June, 1973, the average price of the 24 sections offered had risen to $9OOO. In March, 23 sections were offered, and averaged $12,500. The average price rose to $.13,500 in September, when 13 were sold, but at the latest sale, the average had fallen to $11,680.

Mr Robertson said that the board was developing another area on the other side of Avondale Road, but that sec- : tions would not be available for some years.