A Mount Maunganui home has sold for a massive $7.51 million under the hammer.
The beachfront property on Oceanbeach Rd sold at auction to a local bidder in the Bayleys auction room yesterday.
It is one of three large sales in the Mount and Pāpāmoa area in the last week, including a $2.45m urban home and $1.55m for a bare section in Pāpāmoa.
Managing director of the Realty Group Ltd, which operates Eves and Bayleys, Simon Anderson, said there was both local and out-of-town interest in the 938sq m property.
"But the key bidders were locals."
Anderson said the top sale was likely to be one of the highest at auction at least this year.
"It has to be."
He said the property was architecturally designed by Brendon Gordon Architects Ltd and was built by Shaw Builders in 2015.
The property was marketed by Bayleys Mount Maunganui agent Kay Ganley and Conrad Doyle was the selling agent.
Ganley said the home was "beautifully architectured" with all the bells and whistles.
"There were lots of different elements to the home, which were beautiful and timeless.
"It just had a really nice vibe. It was a quality home nestled in the dunes."
Also in the auction room yesterday, a Pāpāmoa property on Coast Boulevard sold at auction for $2.45m.
Anderson said the property was sold to out-of-town buyers who also owned property in the Mount.
"It's a pretty amazing result. It wasn't beachfront but it was a beautiful urban home."
Anderson said the sales results were not surprising given the hot market.
"It shows when quality properties come to the market there are people still willing to pay quality money for it."
A property on a prime Mount Maunganui spot sold for a record $9.5m two months ago.
The 10 residential units, known as the Mereden and Mt View apartments at 6 The Mall, went unconditional in April.
Bayleys luxury home and apartment specialist Peter Clarke said the 2023sq m site sold to a Waikato businessman who planned to build 10 brand new luxury apartments.
Meanwhile, a bare section in Papamoa's Royal Ascot Dr sold for $1.55m at auction.
Property Brokers Waikato/Bay of Plenty regional manager Simon Short said the 3113sq m section sold for 240 per cent above its rateable value, which is "bucking the trend".
"The land value was perceived to be around $900,000 to $1m and it sold for $552,000 above.
"That's just bare land. That's some pretty steep money just for the land, which is a nod to the fact the market is still very competitive and the lack of supply has created huge upward pressure on price.
"It's a pretty big sale in the respect many people are paying $1.5m for a nice house let alone a piece of land."
Short said there were about 70 people at the on-site auction last week with six registered bidders but in the end, the land sold to a local buyer.
"We definitely had out-of-town interest but the bulk of the registered bidders were local. We had quite a few people trying to move from the Mount down, which was interesting."
While the property was not beachfront and was bare land he said the area was a "pretty exclusive enclave" in Pāpāmoa that was well known to locals.
"It's one of the fastest-growing suburbs in New Zealand."
Real Estate Institute of New Zealand acting chief executive Wendy Alexander said a $7.5m sale under the hammer was a "very good result".
It looked to be one of the top sales for the year for Mount Maunganui, she said.
"As we're seeing sales at the top end of the market hold up relatively well these results suggest this trend might continue to hold up in the short term."
Alexander said in a rapidly rising market, auctions were a good way of finding a property's value.
"This certainly seems to be the case in the Bay of Plenty market at the moment with the region seeing the third-highest percentage of auctions in New Zealand."
A total of 41.7 per cent of all properties sold under the hammer in April, but auction numbers typically slowed down in the cooler months as did the overall housing market, she said.
"However, some of the major cities around the country such as Auckland, Christchurch, Hamilton and Tauranga are still seeing some excellent results being achieved for vendors in auction rooms."