David, for that kind of money, I would expect far better. Under bonnet appearance no better than fair, timber work 'oldish' and tired looking etc. etc. Let me tell you something about timber work on a 108/109 - very complex and time consuming to remove, and there are many pieces. In particular, the corner piece on the left hand side - you would just about tear your hair out to get access to it.
You are right - Ch. 109, and probably 108 cars, are appreciating in value. I know of a Queensland car that has just changed hands for about $65K. - it had been under water up to the roof line in the Brisbane floods. They finished up retrieving and fixing it, although one has to wonder about the long term affect of an event like that. Regards Styria