A "pink" beach house with unparalleled views of the Pacific Ocean has sold under the hammer for $3.15 million - almost $1 million above its rating valuation.
The 1201sqm property at 265 Papamoa Beach Road, in Tauranga, had not been on the market in close to 50 years and is one of last undeveloped large-scale sections fronting Papamoa Beach.
READ MORE: Find out if your suburb is rising or falling
Bayleys agent Kay Ganley, who marketed the 260 sqm home, described the house as having classic "70s show" retro decor. Many of the rooms are a riot of pink: pink wallpaper, pink carpets, pink curtains and pink furniture and cabinetry.
Start your property search
In her listing ad, Ganley said: "This rambling seashore hideaway presents a range of possibilities - the most obvious perhaps being to demolish and build your dream home."
Competition for the property, which has a rating valuation of $2.25 million, was intense, with more than 30 bids made during the online auction.
The theme inside the beach house is pink - and lots of it. Photo / Supplied
Stunning views of the Pacific Ocean. Photo / Supplied
Ganley said that four buyers, three local and one from the Waikato, had competed to secure the property, with one of the locals making the winning bid.
"It's the first big beach front property since a 1583sqm block of land on Oceanbeach Road came to market last year. Locals know the values best," she said.
"It was originally the family's holiday home - they used to come over from Rotorua, but then they moved over with their five kids permanently, and just kept adding and adding to it."
Ganley estimates the original price of the section would have been around 500 pounds, "but it's all relative". The 86-year-old vendor was sad to be leaving, she said, but the new owners plan to eventually build a new home on the site.
Buyer demand for beach front sections in Tauranga is high. Earlier this month, the Bay of Plenty Times reported that the sale of three lots on a vacant section on nearby 313 Oceanbeach Road.
And a 1548sqm property for sale at 223 Oceanbeach Road, which still features its original 1940s bach, has had lots of enquiry - some of it from overseas - since hitting the market last month.
Simon Anderson, manging director of Realty Group Ltd, which owns Bayleys and Eves, said yesterday was an exciting day on the auction room.
"What we are seeing in the market where there are those top end properties they have got good interest in them from cash buyers who are chasing hard to get them," he said.
"Obviously, the Mount market is pretty unique. Those places come to the market rarely and when they do there is a lot of interest for them from local and outside buyers."
