Ex-owner gets it back, at a bargain rate

Sources say an Auckland supermarket owner who used to own this Papamoa house bought it again for $500,000 less than the last sale price. Photo / Supplied

A Papamoa waterfront property was sold for about half its registered value at an auction this week.

And it seems a former owner bought it back for $500,000 less than the home sold for three years ago.

Nigel Martin, manager of Harcourts Advantage Realty in Mt Maunganui, said the big 277sq m house at 83 Karewa Parade had a capital value of $2.1 million.

But it sold for $1.3 million.

"That's about right for what the market is in this area now," he said.

Sixty people attended Thursday's auction, of whom five bid.

The split-level, low-maintenance, contemporary-style house with big decks and some over-height windows has vast sea views, a stylish entry foyer, four double bedrooms, study, open plan lounge, separate dining, two bathrooms, three toilets and a tile roof.

The valuation on the 645sq m freehold property was completed in 2006, and Mr Martin said properties in the area were being re-valued now.

Some were up but some were down.

"That place was a mortgagee sale," he said of the Karewa Parade house on the beachfront stretch which runs parallel with Papamoa Beach Rd.

Mr Martin refused to identify the buyer, saying it was confidential.

But neighbours said the former owner - Auckland supermarket boss Rob McGregor - had bought the property on Thursday.

Mr McGregor is owner-operator of New World Victoria Park.

A source confirmed Mr McGregor was the canny buyer and that he got a bargain - he bought the home in 2002 for $985,000, and sold it 2007 for $1.8 million.

This week, he bought it back for $500,000 less than he sold it for three years ago.