An auction of 27 sections at the weekend was the next stage of the Logan family’s development of Gladstone Heights and Gladstone Oaks subdivisions.
Twenty sections off Gladstone Rd North were sold, Property Brokers agent Ray Kean said.
The top price was more than $600,000 but Mr Kean declined to give the specific amount.
Five sections went for more than $500,000 and the auction averaged $450,000, he said.
Mr Kean said he had never seen a residential section sell for more than $600,000 in Mosgiel and believed it could be a record.
The auction was attended by ‘‘a couple of hundred’’ people, he said.
Originally, 30 residential sections averaging about 1000sqm were going to auction.
However, three were withdrawn before the sale and would to go to market later.
The seven sections that did not sell on Saturday would now go on the market.
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Looks like the $100 billion long term asset purchase facility at the RBNZ (started last year) is doing its trick- juicing asset prices. Shame it is also creating inflation in prices at the supermarket and most other retailers via debasement. Unfortunately most kiwis wages/salaries are tied the official CPI which does not seem incorporate the cost of housing properly.