27-lot subdivision to be offered for auction

Ray Kean, of Property Brokers, stands on a subdivision in Mosgiel that will be auctioned this...
Ray Kean, of Property Brokers, stands on a subdivision in Mosgiel that will be auctioned this weekend. Photo: Stephen Jaquiery
A large subdivision is set to go under the hammer in Mosgiel this weekend.

Twenty-seven sections will be sold, the next stage of the Logan family’s development of Gladstone Heights and Gladstone Oaks subdivisions.

Originally, 30 residential sections averaging about 1000sqm were going to auction but three have been withdrawn and would go to market at a later stage.

Ray and Alison Kean, of Property Brokers, were selling the sections in conjunction with Michael Wood, of Bayleys Metro.

Mr Kean believed there was plenty of interest from a variety of buyers.

"The buyers are predominantly local, coming from the Dunedin area, and there was some interest from Auckland.

"They are a mix of retired people looking to build a house and some families looking to build their family home," he said.

Predicted prices for the sections were about $350,000 to $450,000, Mr Kean said.

"I think it is fair to say some may get a premium above that price and there may be some that get a little bit less, as well.

"The ones we sold a couple of months ago next door averaged about $352,000," he said.

Mosgiel had "gone from strength to strength" and other development in the town made it an attractive option for people who wanted to move out of the city, Mr Kean said.

"Part of that is there is no sections available for development in Dunedin and Mosgiel is the next best thing," he said.

The auction would be run as a "Helmsman-style auction".

The system would give the buyer the opportunity to consider each section during the sale period without being pressured to make an instant decision.

"The beauty of the system is if they were looking to buy a particular section and find out it goes too expensive, they can change to another," he said.

The auction would be held on Saturday, at Wingatui racecourse.

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