Section goes from $20 to $6200 in 10 months
A section in the Bay of Plenty town of Taneatua, purchased 10 months ago for $20, has resold for $6200.
Sunday, March 20th 2005, 4:59AM
by The Landlord
The 506 sq m site generated great interest when listed on the TradeMe internet site late last month.
The auction quickly reached its reserve of $1500 - the section's 2004 rateable value - and 40 bids were registered before it closed last Friday.
The property, which resembles an overgrown paddock and is indistinguishable from land alongside, was eventually sold to a bidder from Waitakere City.
According to information from Quotable Value, the section was sold in September 1994 for $500 and next changed hands in June last year for $20.
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