Property market

Press, 28 March 1981, Page 19

Property market

Amwell, an 111-year-old homestead at 166 Papanui Road, sold for $131,000 at auction yesterday. The 418 sq m jiouse, which is built of timber with a slate roof, has drawing, morning, breakfast and dining rooms. It has five bedrooms, three sunrooms and a basement wine cellar. It is sited on a 1882 sq m section, close to the Merivalc shops. In 1979 its Government valuation was $55,000. The auctioneer, Mr C. M. Robertson of Sherris and Robertson, Ltd, said Amwell was one of the properties that had attracted most interest in recent years. About 40 people attended ihe auction. Bidding started at $lOO,OOO and rose in $2OOO bids until the final successful offer of $131,000. The South Rakaia Hotel, situated 58km from Christchurch just off State Highway 1, was passed in at auction yesterday at $220,000. The auctioneer, Mr C. J. Hooper of Pyne. Gould, Guinness, Ltd in conjunction with Dalgety N.Z.. Ltd, said there was a lot of interest in the property, which was now’ for sale privately. About 40 people attended the auction, and bidding started at $170,000.

The property, which was about 80 years old, included public and private bars, a 50 seat dining room, kitchen, office, wine room store room, nine guest rooms and owner’s accommodation. Outbuildings included a four car garage and storage sheds. A second mortgage of $40,000, available for three years at 18 per cent interest, was offered by the vendor to an approved purchaser. A four bedroom weatherboard home, with a sunroom, separate dining room and a 1720 sq m section, was sold for $71,000 at auction yesterday. The property, situated at 57 Hackthorne Road, had a 1980 Government valuation of $60,000. About 24 people attended the auction, which was conducted by N. H. McCrostie and Company. A two bedroom home with a lounge and separate dining room at 4 Bay View Road, Moncks Bay, was passed in at $27,000 at auction on Thursday. The property, which included a garage and garden shed, had a 1979 Government valuation of $21,000. The auctioneers, N. H. McCrostie and Company, were negotiating a private sale yesterday.