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.