The owner of an ex-state house in Mt Albert has made about $700 a day on a three-bedroom house purchased 15 months ago for $758,000 and sold last night for $1,102,000.
Ray White real estate agent Tony Tang said the 1940 house at 28 Rawalpindi St attracted more than six bidders. It was bought by a couple who plan to renovate it, he said.
The $344,000 profit represents a daily return of about $700 in Auckland's red hot property market.
House prices rose 20 per cent in the year to June to a median price of $749,000.
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The weatherboard house was in tired condition with three double-sized bedrooms and a spacious lounge. It sits on a generous 581sqm site.