BARGAIN OF YEAR?

Sun (Auckland), Volume IV, Issue 1050, 14 August 1930, Page 1

BARGAIN OF YEAR?

DEVONPORT PROPERTY SELLS FOR £175 GOVERNMENT VALUATION £6lO “A real snip . . A Devon port property sold at auction today not only proved the truth of the land agent’s usual description, but ran the whole gamut of his descriptive genius of bargains in homes. The property, comprising a fourroomed house and section, the Gov- I ernment valuation on which was £6lO, was knocked down to an enterprising bidder at auction for £175. The house itself was covered by an insurance policy for £4OO. And there was “no catch in it,” as the auctioneer cf William A. Horne, Dimited, smilingly told the spectators of the auction. The total price paid by the purchaser was exactly £95 more than the mortgage of £SO on the property, and the buyer will be given the title deeds immediately this liability is liquidated by the vendors. The property is highly praised in the auction notice, which runs thus: "‘Cottage, four-roomed, kitchenette, bathroom, workroom. Handy to w r harf and shops. On level section (46 x 102).” Besides all this it is flagged. Even allowing for the Government valuation being excessive, which is unlikely, the purchase must be regarded as the bargain of the year. The reason, it is stated, lies in the fact that people do not want the properties.