Flats, shops hold most interest at mortgagee auction

Press, 22 July 1986, Page 8

Flats, shops hold most interest at mortgagee auction

Flats and shops attracted most interest from bidders on the first day of a two-day mortgagee sales auction of 32 Christchurch properties yesterday. Twenty properties were under the hammer yesterday. Of those three were withdrawn before auction, six were sold, and 11 were passed in because reserve prices were not reached. Attendance varied from about 90 people to about 12, depending on the property offered. The six properties sold fetched $562,000. Those withdrawn from sale totalled about $385,000. The five properties under negotiation are worth about $300,000.

The auctioneer, Mr Robert Brown, of Robert Brown Real Estate, said that while not spirited, bidding had been good on some of the lots.

“Investment properties such as flats and shops attracted active investment interest — properties at the upper end of the residential market also attracted keen demand.”

A modem five-bed-room, two-storey house in Rockinghorse. Road had attracted particular interest, he said. Of the 11 properties passed in, five are now under negotiation. The remaining six — 78 Randolph Street, 40 Pannell Avenue, 540 Tuam

Street, F2/364 Worcester Street, 19 Defoe Place, and 24 Swanns Road — would be placed on the open market for sale by private treaty, said Mr Brown.

The properties were likely to appeal to firsthome buyers who had probably not been in a position to buy at auction, he said.

The 32 properties range in value from about $40,000 to $175,000, and are in a variety of suburbs.

Of the 12 remaining properties, 10 will be sold at auction today. The other two have been withdrawn. '