Ex-state house owner made $700 a day

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.

The weatherboard house was in tired condition with three double-sized bedrooms and a spacious lounge. It sits on a generous 581sqm site.