Max Key is the proud new owner of a $1.4 million Mt Albert house, bought with the support of the Bank of Mum and Dad.

Sold at auction earlier this month, the property went for 22 per cent above CV, leaving the vendors in tears of happiness.

Sir John Key and his wife Lady Bronagh attended the auction to support their son, as did the 25-year-old's girlfriend.

John and Max stood in the rain in the backyard for the auction process, seeing off seven other registered bidders.

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The Ray White listing said the home had three double bedrooms, a trendy bathroom and a well-lit formal sitting room.

Max, John and Bronagh Key pose with the agents after buying the property. Image / Blank Canvas Productions
Max, John and Bronagh Key pose with the agents after buying the property. Image / Blank Canvas Productions

"The upscaled kitchen is a marriage of convenience and style with black and white contrasting cabinetry, entertainer's gas hob and pretty above-bench window," the listing advertisement said.

"A sunny and light dining area is a pleasant space for family gatherings and French doors lead to a private deck area and the established gardens and lawns beyond."

The Mt Albert villa. Image / Blank Canvas Productions
The Mt Albert villa. Image / Blank Canvas Productions

Ray White realtor Simron Singh worked in the sales team alongside colleagues Ken Choong and Peter Burgham.

She told the Herald it had proved to be a very popular home while on the market.

The light, airy kitchen. Photo / Blank Canvas Productions
The light, airy kitchen. Photo / Blank Canvas Productions

"The first weekend we had probably over 50 groups through," Singh said.

She confirmed Ray White had received a pre-auction offer for the property of $1,225,000 and had brought forward the auction date to June 28.

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The living room. Photo / Blank Canvas Productions
The living room. Photo / Blank Canvas Productions

The former prime minister had earlier toured the property to check it out.

The group happily posed for pictures with the former owners afterwards.

one roof
The property has three bedrooms. Photo / Blank Canvas Productions
The property has three bedrooms. Photo / Blank Canvas Productions

Owen Vaughan, editor of NZME-owned property listing portal OneRoof, said the sale was emblematic of the current state of the central Auckland market.

"Post-lockdown buyers have shown they a willingness to stretch themselves to secure well-presented, well located properties, and this one was certainly that," he said.

"REINZ data shows Auckland's median price for June was up 9.2 per cent on June 2019 while OneRoof's Covid index shows house values in the city's central suburbs are up 1.12 percent on where they were at the start of the lockdown.

"Auckland central's housing market has come out of the Covid crisis with some swagger but confidence levels, bolstered by low interest rates and tight supply, could change if pressure increases on home-owners when the wage subsidies and mortgage holidays end."

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Max Key spent most of last year touring the world, heading abroad in March.

He said on social media that leaving was a "sad and emotional day saying goodbye to my amazing parents".

"I'm looking forward to getting away from the pressure I feel myself under here in NZ, as well as challenging and teaching myself how to be happy and satisfied with my own company," he said in March 2019.