BIDS DID NOT SOAR

Otago Daily Times, Issue 27384, 9 May 1950, Page 6

BIDS DID NOT SOAR

Auction Sale Of Property BELOW COMMITTEE'S VALUE Expectations that prices of properties would soar to ; lmost fantastic levels once committee control of values was removed have certainly not been borne out as far as auction sales in Dunedin are concerned. In some cases there have been fairly substantial rises, particularly for four and five-roomed homes where vacant possession could be given. But even this has not always happened. When a five-roomed brick house situated at No. 80 Every street, Anderson’s Bay, containing all conveniences, and for which immediate possession could be obtained, was offered by auction by J. M. Samson and Co., Ltd., yesterday, the price that the highest bidder was prepared to go fell far short of the figure the Otago Land Valuation Committee had passed it about 12 months ago. Bidding commenced at £-2000, and was spirited enough until £2350 was reached, when it ceased. It was then withdrawn from sale, the auctioneer stating that it would be sold by private treaty. When the property was sold previously the committee gave its consent at £2BOO, including £4O for paths. It had then just been completed by the builder, and the committee arrived at its decision on costs, as they were ruling then and not on 1942 values.