An Auckland car park has sold at auction for $265,000.
No, that's not a typo: the single parking space in the CBD's Quay Regency apartment building sold for more than a quarter of a million dollars earlier this week.
According to the latest figures from the Real Estate Institute of New Zealand (REINZ), the same amount would get you a median-priced home in Southland.
The jaw-dropping sale price exceeded Ray White Auckland City Apartments realtor Daniel Horrobin's expectations by "quite a bit".
He and fellow Ray White realtor Damian Piggin marketed the freehold car park at 148 Quay St, near Britomart.
"That was a fairly exceptional result," Horrobin said.
By comparison, he sold an apartment at auction last week for $270,000 - just $5000 more than the car park.
The car park's previous owner was apparently "over the moon" when the gavel finally fell during Ray White's regular apartment auction this week, Horrobin said.
Demand for city parking spaces was growing, particularly as more inner city apartments were being built.
"It's obviously putting more pressure on that part of the market."
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At auction, the bidding started at $70,000 before rising quickly to $130,000 in $10,000 jumps, Interest.co.nz writer Greg Ninness reported.
One bidder then upped the ante by offering a further $50,000, taking the bidding to $180,000.
There was a pause before the war continued, ending at $265,000, Ninness said.
A Trade Me listing for nearby inner-city suburb Grafton offered an apartment for $220,000 plus car park, and a Farmers carparking building spot in the CBD had a $56,500 asking price.