£180 PER ACRE
BOOM PRICES IN CHRISTCHURCH (Special to the Times). CHRISTCHURCH, February 19. The contention of some prominent financial authorities that land was overvalued, when it reached £6O or £7O per acre, did not receive much support from the sale of leaseholds held in Christchurch on Saturday, when 230 acres, comprising the property known as Spreydon Lodge, subdivided into 20 odd blocks, averaging about 10 acres each, were offered at auction on seven year leases. The property is within four miles of the centre of the city. A number of the sections sold at up to £lO 5/- per acre per annum, rent capitalised. This figure means over £lBO per acre. A few of the sections were secured by dealers, but the bulk went to dairymen, several of whom are at present fanning on the property and may therefore be expected to know what land is capable of. The contiguity of the property to the city, has to be taken into account when estimating the prices realised, but even after full allowance for this is made, the sale was a remarkable one, particularly when it is considered that the bulk of the property is to be devoted to ordinary farm purposes. It is a decided sign of returning confidence.
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Bibliographic details
Southland Times, Issue 19771, 20 February 1923, Page 5
Word Count
210£180 PER ACRE Southland Times, Issue 19771, 20 February 1923, Page 5
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