Property market

Press, 2 June 1984, Page 14

Property market

A prime 4800 sq m block overlooking the Avon River sold for $200,000 at auction on May 26. The bare Avondale block, between Avondale Road and Hulverstone Drive, was sold as one block for subdivision into eight residential lots. It was low-lying, filled land formerly owned by the Christchurch Drainage Board, said Mr Ray Enser, of the auctioneers, George Anderson Smiths City Market. Other sales of Drainage Board land in the area /almost 13.5 hectares) would follow in the next few years, he said. The drainage board provided the reserve contribution. Because it was a development block there was no government valuation for the block. Bidding began at $150,000. About 120 people attended the auction by Mr Colin Smith, and generous terms helped the sale, Mr Enser said. A deposit of 10 per cent was required, 10 per cent at six months interest free, 10 per cent at 12 months in-terest-free, and the balance

at 24 months at 10 per cent a year. A 4.047 hectare horticultural block in Waimairi was passed in for $250,000 at auction on May 30. A private sale is being negotiated, and the land might be leased with a right to purchase, said the auctioneer, Mr W. Knight, of Whittle, Knight and Boatwood, Ltd. The government valuation (1980) was $75,000. But since then there had been many improvements, including the addition of a propagating house, a large container height packing shed, two wells, and two twin skin tunnel houses for the insulation of plants. The property on the corner of Russley Road and Wairakei Road included a 111.6 sq m, three-bedroomed weatherboard house, set among well established shelter-belt trees. Seven residential lots in Avonhead were sold at auction on May 26. Private sales of the other four properties that had been offered are pending. The prices fetched ranged from $28,500 for a 620 sq m lot to $40,000 for a 717 sq m lot. No government valuation is available because it is a new subdivision. Another 11 in the subdivision

will be available at a later stage. About 60 people attended the auction by Mr G. A. Woodley, for Binns, Barber and Keenan, Ltd.