The property on Pāpāmoa Beach Rd. Photo / Supplied
A "pink" beach house with views of the Pacific Ocean has sold under the hammer for $3.15 million - almost $1m above its rating valuation.
The 1201sq m property at 265 Papamoa Beach Rd had not been on the market in close to 50 years and was one of last undeveloped large-scale sections fronting Pāpāmoa Beach.
Bayleys agent Kay Ganley, who marketed the 260sq m home, described the house as having classic "70s show" retro decor.
Many of the rooms are a riot of pink including pink wallpaper, pink carpets, pink curtains and pink furniture and cabinetry.
Managing director of Realty Group Ltd, which owns Bayleys and Eves, Simon Anderson, said yesterday was an exciting day in the auction room.
"What we are seeing in the market, where there are those top-end properties, they have got good interest in them from cash buyers who are chasing hard to get them.
"Obviously, the Mount market is pretty unique. Those places come to the market rarely and when they do there is a lot of interest for them from local and outside buyers."
In her listing ad, Ganley said: "This rambling seashore hideaway presents a range of possibilities - the most obvious perhaps being to demolish and build your dream home."
Competition for the property, which has a rating valuation of $2.25m, was intense, with more than 30 bids made during the online auction.
Ganley said four buyers, three local and one from the Waikato, had competed to secure the property, and one of the locals made the winning bid.
"It's the first big beachfront property since a 1583sq m block of land on Oceanbeach Rd came to market last year. Locals know the values best," she said.
"It was originally the family's holiday home - they used to come over from Rotorua, but then they moved over with their five kids permanently, and just kept adding and adding to it."
Ganley estimated the original price of the section would have been around 500 pounds, "but it's all relative".
The vendor was sad to be leaving, Ganley said.
The new owners planned to eventually build a new home on the site.
Buyer demand for beachfront sections in Tauranga is high. This month, the Bay of Plenty Times reported the sale of three lots on a vacant section on nearby 313 Oceanbeach Rd.
And a 1548sq m property for sale at 223 Oceanbeach Rd, which still features its original 1940s bach, has had lots of inquiries - some from overseas - since hitting the market last month.
Police are seeking dashcam footage of the vehicle involved in the incident.