A run-down house in Mt Wellington overlooking the sea has sold at auction for $210,000 more than its capital value - but at almost $100,000 less than the Auckland suburb's median home value.
The two-bedroom 1950s character bungalow at 394 Panama Rd, sold mid-December to an undisclosed buyer for $685,000. Its CV is $475,000.
Although the price was $95,000 less than the median home value of the suburb - $780,000 - it remained above the price cap of $600,000 for first-home buyers hoping to get a helping hand with a KiwiSaver grant.
But Bayleys Real Estate national residential manager Daniel Coulson said it indicated the dream of buying property near the sea was not impossible.