Humble two-bedroom cottage in Mangere Bridge sells for staggering $1.7 million
A humble 80sq m cottage has sold for $1.72 million - more than $700,000 over its current council valuation.
The two-bedroom waterfront home in Mangere Bridge, Auckland, sold at a heated auction attended by 200 people and is seen as further evidence of a once-affordable suburb becoming increasingly out of reach.
Bids on the character cottage, which sits on a 1022sq m section on Kiwi Esplanade, jumped in $50,000 increments.
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The house, built in 1939, was altered for the previous owner who is in a wheelchair. It last sold in 1989 for $135,000.
Meanwhile, a house in Auckland's most expensive suburb has sold for more than $1m over its CV.
The restored villa at 44 Ardmore Rd, Herne Bay, sold for $2,750,000 - $1,010,000 over its CV of $1.74m.
The house last sold in 2015 for $2,150,000 - which means a gain of $600,000 in 11 months.