Big money paid for Tauranga section

The last undeveloped section in Waratah St, Tauranga's prestigious residential street, has fetched a record price.

The 1058sq m section was sold at auction by Bayleys for $490,000, or $463 per square metre. Although higher per-square-metre prices have been fetched for beachfront properties in Mt Maunganui, this is the highest land sale price achieved in Tauranga.

Waratah St, which has views of the entire inner harbour, is Tauranga's equivalent to Auckland's Paritai Dr, and boasts the two top-value residential house sale prices in the city.

The property was sold by Ray Lees and Gavin Perry of Bayleys' Tauranga office.