The most expensive property sold in Hawke's Bay last year went for nearly twice its CV to a high-profile business identity.
The Waimarama property sold on January 15, 2012, for $2.2 million - $950,000 above its CV - to business partners Nigel Hughes and former juice baron Stefan Lepionka, Property IQ figures reveal.
Located on Moori Rd, the 1940s dwelling has a floor area of 160sq m, on a 2333sq m block of land.
Mr Lepionka said he was attracted to the property because it was an "original Kiwi batch on a beautiful waterfront, original piece of dirt".
"It hasn't been touched."
He bought the property as a bach because he loved Hawke's Bay and Waimarama.
"We just think it's New Zealand 30 years ago. We just think the Hawke's Bay climate and the people are amazing."
The multimillion-dollar home is a far cry from the cheapest property to sell in the Bay last year - a humble Wairoa house that sold for $38,000.
Located on Mahia Ave, the 60sq m property sold for $36,000 below its CV on December 3.
New owner Rob Eaglesome, brother of Wairoa District Councillor Denise Eaglesome, said the house had been empty for six to eight months months and was getting progressively vandalised "so I thought I would check it out".
"It wasn't even on the market but it had been trashed pretty bad so I rang up the owner," he said.
"All the electrical points had been ripped out, there were holes in all the walls, broken panes of glass were scattered about, the hot-water cylinder had been ripped out, all the internal doors were gone - even the cupboard doors had been taken off. It was a mess.
"I offered him $20,000, thinking that will make him jump up and listen. And it did."
The Wellington owner commissioned a report from the firm that had been managing the property.
"I finally talked him into $38,000," Mr Eaglesome said.
The house is now the home of his wife's parents.
"It hasn't cost a great deal to fix up, about $15,000 - it is still below CV.
"We were just being a bit cheeky and it paid off."
Real Estate Institute of New Zealand figures show 2355 properties sold in Hawke's Bay in 2012, setting an annual median sale price of $270,000.
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 an 87sq m property on Old State Highway 38 in Murupara.
PropertyIQ research director Jonno Ingerson said the data covered only 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.