Wainui Beach, Gisborne

PHOTO: Liam Clayron – Wainui Beach, Gisborne

MILLION-DOLLAR-PLUS houses here are being snapped up but with one selling for more than $1m over its rateable value, even high-end buyers are being priced out.

Data provided by the Real Estate Institute shows there were seven $1m sales over the first half of the year — ranging from $1.04m to a record-breaking $2.45m.

The $2.45m property sold for $1.2m (108 percent) over its RV.

REINZ confirmed that was a record residential sale for Gisborne but was unable to reveal the location as the property had not settled yet.

However, The Gisborne Herald has been told the beachfront property was on Wairere Road at Wainui and was sold through Solomon Real Estate.

The number of sales equals the record for million-dollar sales for the first half of the year — set in 2019.

Realtor Bronwyn Kay said her agency settled another million-dollar sale last week for a house at Parkview in Lytton West and is waiting to settle a $1.4m sale for a Nelson Road house.