The most expensive Bay of Plenty property sold last year went for 140 times its cheapest counterpart, new figures show.
The ritziest Western Bay home sold for $2.8 million - $100,000 above its CV, according to figures provided by Property IQ.
The Mount Maunganui property, located on Oceanbeach Rd has a floor area of 326sq m and was sold on July 30.
Built in 2007, the three bedroom beach pad was described as 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 said the property's appeal was due to its location - on an extremely popular 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."
Meanwhile, the cheapest Bay of Plenty property - located in Murupara - sold for a pinch at $20,000. It was also the cheapest nationwide during 2012.
Located on Old State Highway 38, the 87sq m home sold for $13,000 below its CV on March 7.
Real Estate Institute of New Zealand figures show 541 properties sold in the Western Bay of Plenty territorial local authority in 2012, setting an annual median sale price of $340,000, and 2561 in Tauranga, setting a median of $360,000.
Nationally, the most expensive home sold last year was a $9.1 million beachfront property on the North Shore that went for $1.6 million over its valuation.
The four-bedroom mansion in Auckland's suburb of Milford topped a list of New Zealand's 10 biggest property sales for 2012 - all of which were in Auckland.
The property boasts a 1844sq m section and a 442sq m home, which was built about four years ago after the previous house was removed.
It had a capital value of $7.5 million.
At the other end of the scale, the three cheapest homes were sold last year for $20,000 each - including the Murupara property.
PropertyIQ research director Jonno Ingerson said the data only covered sales that had been settled and registered with the local council so it was possible that some yet-to-settle sales would still make the 2012 list.
APNZ
