The most costly Bay of Plenty property sold last year sold for 140 times its cheapest equivalent, latest figures showcase. The ritziest Western Bay residence fetched $ 2.8 million – $ 100,000 above its CV, according to figures supplied by Property IQ. The Mount Maunganui home, located on Oceanbeach Rd has a floor area of 326sq m and was sold on July 30.
Constructed in 2007, the three bedroom beach pad was called a “classic beauty” with clean lines set against “spectacular absolute beachfront”. “Superb architectural elegance and absolutely brand new is the essence of coastal lifestyle in a living environment that puts you at one with the elements but luxuriously cosseted from them,” the original advertorial read. “High construction values and solid durable materials, tasteful tone on tone decor, 100 per cent New Zealand wool carpets and every feature you ‘d expect for living in understated sophistication on the beachfront.
“Live at the peaceful end of the beach with the Pacific Ocean as your uninterrupted view.”. Realty Services Bay of Plenty chief executive Ross Stanway stated the property’s appeal was because of its location – on an incredibly favored and sought after road. “There is always interest from a segment of the buyer market for those properties.
“That property typifies some of the best that’s available in that locality.”. The cheapest Bay of Plenty property – situated in Murupara – sold for a pinch at $ 20,000. It was also the cheapest across the country throughout 2012. Located on Old State Highway 38, the 87sq m house went for $ 13,000 below its CV on March 7.
Real Estate Institute of New Zealand figures reveal 541 homes sold in the Western Bay of Plenty territorial local authority in 2012, setting an annual average price of $ 340,000, and 2561 in Tauranga, setting a median of $ 360,000. Nationally, the most pricey residence sold last year was a $ 9.1 million beachfront property on the North Shore that sold for $ 1.6 million over its appraisal.
The four-bedroom mansion in Auckland’s suburb of Milford topped a list of New Zealand’s 10 most significant property sales for 2012 – all of which were in Auckland. The home boasts a 1844sq m section and a 442sq m house, which was developed about four years ago after the previous residence was removed. It had a capital value of $ 7.5 million.
At the opposite end of the scale, the three most affordable houses were sold last year for $ 20,000 each – including the Murupara home. PropertyIQ research director Jonno Ingerson said the data just covered sales that had been settled and listed with the local council so it was plausible that some yet-to-settle sales would still make the 2012 list.