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.
"It was an amazing result but that is what houses are going for in the area now," said Mangere Bridge Realty agent Karen Grant-Mckenzie.
"We have a lot of people coming from areas like Mt Eden because they want a quiet life-style without traffic lights and congestion."