Massive Profit In Six Months

Cool $500k Profit In House Sale

AMY MAAS

08/09/2013

An Auckland homeowner has pocketed a cool half a million-dollar profit in a record-breaking auction, as big sections in the city’s inner-west suburbs become the next battleground in the sizzling property market.

The home, at 7 Coleman Ave in Mt Roskill, was snapped up by a developer at auction on Wednesday for $1.4 million. It last changed hands in August 2011 for $900,000.

The latest QV figures show the average value of city fringe Mt Roskill homes is $616,000, well up on the June 2011 figure of $476,200. The latest Auckland-wide QV residential house value is $644,973.

Bayleys sold the property, and estate agent and part-owner Amy Ou-Young described it as a “rare find” given its size. It is 1437 square metres of flat land which has been granted resource consent for three sites.

Read the rest here:

http://www.stuff.co.nz/business/money/9139315/Cool-500k-profit-in-house-sale

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