Max Key, the son of former Prime Minister Sir John Key, is the proud new owner of a $1.4 million house, bought with the support of the Bank of Mum and Dad.
Sold at auction earlier this month, the property in the central Auckland suburb of Mt Albert went for 22 per cent above CV, leaving the vendors in tears of happiness.
Sir John and his wife Lady Bronagh attended the auction to support their 25-year-old son, as did Max's girlfriend.
Sir John and Max stood in the rain in the backyard for the auction process, seeing off seven other registered bidders.
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The Ray White listing said the home had three double bedrooms, a trendy bathroom and a well-lit formal sitting room.
"The upscaled kitchen is a marriage of convenience and style with black and white contrasting cabinetry, entertainer's gas hob and pretty above-bench window," the listing advertisement said.
"A sunny and light dining area is a pleasant space for family gatherings and French doors lead to a private deck area and the established gardens and lawns beyond."
Ray White realtor Simron Singh worked in the sales team alongside colleagues Ken Choong and Peter Burgham.
Max, John and Bronagh Key pose with the agents after buying the property. Image / Blank Canvas Productions
She told the Herald it had proved to be a very popular home while on the market.
"The first weekend we had probably over 50 groups through," Singh said.
She confirmed Ray White had received a pre-auction offer for the property of $1,225,000 and had brought forward the auction date to June 28.
The Mt Albert villa had a pre-auction offer on it. Photo / Blank Canvas Productions
Sir John had earlier toured the property to check it out.
The group happily posed for pictures with the former owners afterwards.
Owen Vaughan, editor of NZME-owned property listing portal OneRoof, said the sale was emblematic of the current state of the central Auckland market. "Post-lockdown buyers have shown they are willing to stretch themselves to secure well-presented, well located properties, and this Mt Albert home was certainly that," he said.
The light, airy kitchen of the property Max Key now owns. Photo / Blank Canvas Productions
"REINZ data shows Auckland's median price for June was up 9.2 percent on June 2019 while OneRoof's Covid index shows house values in the city's central suburbs are up 1.12 percent on where they were at the start of the lockdown.
"Auckland central's housing market has come out of the Covid crisis with some swagger but confidence levels, bolstered by low interest rates and tight supply, could change if pressure increases on home-owners when the wage subsidies and mortgage holidays end."
OneRoof data shows the property last sold in 2015 for $1.03 million, handing the vendors a near $400,000 profit on paper. The price is in line with other sales of similar three-bedroom properties in the area.
Max Key spent most of last year touring the world, heading abroad in March.
He said on social media that leaving was a "sad and emotional day saying goodbye to my amazing parents".
"I'm looking forward to getting away from the pressure I feel myself under here in NZ, as well as challenging and teaching myself how to be happy and satisfied with my own company," he said in March 2019.
- This article was first published on nzherald.co.nz
