THE FEEDING FRENZY CONTINUES (PART 2)


Ex-state house owner made $1000 a day
The owner of an ex-state house in Mt Albert has made nearly $1000 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 $1000 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.

Link:

http://www.nzherald.co.nz/nz/news/article.cfm?c_id=1&objectid=11468067

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