A new high has been set in the property market with the $2 million-plus purchase of a bach on the Kaiteriteri waterfront.
Monday, January 10th 2005, 8:35PM
by The Landlord
A huge crowd gathered for the auction on Friday, at which former Nelson Mail owner David Lucas won out over about 10 other keen bidders for the bach, which had been owned by prominent Nelson family, the Rowlings, since 1913.
Bayleys Realty auctioneer Doug McKee said the $2,070,000 price fetched made it the most expensive bach in the Nelson region.
Mr McKee said he had expected the property to attract a huge amount of interest because of its unique location, being the only bach right on the beach, and because properties in the area rarely went on the market.
Because of the few sales it was hard to compare prices, but Mr McKee said the sale showed there was no slowing in demand for quality properties.
Mr McKee said the crowd of more than 1000 was the most he had ever seen at a property auction in Nelson.
