A Rotorua family has sold their waterfront Pāpāmoa holiday home for a record $3 million under the hammer.
The three-bedroom, two-bathroom, home on Karewa Parade in Pāpāmoa sold for $3,050,000 at auction on October 21.
The beachfront street has recorded three multi-million-dollar sales already this year.
Managing director of the Realty Group, which operates Eves and Bayleys, Simon Anderson said the sale was a record for that location on the waterfront strip.
Anderson said the other properties sold for $2,450,000, $2,350,000 and $2m earlier in the year.
"There's been three sales within that $2m on Karewa Parade this year ... but it's the first time it has hit $3m in that location."
Bayleys Mount Maunganui real estate agent Sharon Hall, who marketed the property, said in the lead-up to the auction there were multiple inspections on the property daily.
Hall said there was high interest from expat Kiwis and out-of-towners but two-thirds of those looking were locals.
In the end, the recently-renovated 645sq m freehold property went to a local buyer.
"The purchaser had been looking for some time for a waterfront property," she said. "It was just the right home in just the right place, a perfect marriage for them."
Anderson said the home was owned by a Rotorua family for about seven years.
He said the family bought the property to give their young children somewhere to enjoy holidaying by the beach.
"They really enjoy Pāpāmoa and it's chilled out vibe."
The family renovated the home a few years after they bought the property deciding they wanted to spend more time there, he said.
"They've obviously shared some great memories there."
However, he said the family were selling up due to other opportunities arising.
Anderson said the new owner was local and planned to use the property as his family home.
Real Estate Institute of New Zealand chief executive Bindi Norwell said median prices in Pāpāmoa and Pāpāmoa Beach have increased 0.3 per cent and 12 per cent respectively for the three months ending September 2020, compared to the same time last year.
"We've seen a strong uplift in the wider Mount Maunganui/Pāpāmoa Ward, which has contributed to the overall record median price of $780,000 in Tauranga City."
Norwell said two residential properties have sold above the $3m mark in the last year, highlighting the increasing popularity of Pāpāmoa as demand for good properties near the beach and good school zones continued to grow.
The exact prices and addresses could not be disclosed due to privacy reasons.
"It is also seen as being slightly more affordable than the Mount, which will be adding to demand for good properties at the moment."
Norwell said auction levels for the region were the third highest across the country at 22.9 per cent of all sales, up from 11.8 per cent last year.
"Multi-offers remain common practice throughout the region, with back-up offers becoming more prevalent, further confirming the high levels of interest and competition for property across the region."
CoreLogic senior property economist Kelvin Davidson said Tauranga's property market, in general, had remained pretty resilient to Covid so far and median property values in each suburb had risen.
According to CoreLogic data, median property values in Pāpāmoa Beach jumped 6.6 per cent to $800,300 this month compared to $751,100 last year.