PHOTO: Buyers paid a record price for this three-bed bach on Lake Rotoiti, in Rotorua. Photo / Supplied

According to One Roof a bach on Rotorua’s Lake Rotoiti sold under the hammer this week for $3.33m – almost triple its 2020 rating valuation.

The listing agent, Bayleys Rotorua manager Beth Millard, told the OneRoof that 12 bidders competed to secure three-bedroom house on Whangamoa Drive, driving the sale price to a record level.

“Lake Rotoiti is pretty hot at the moment as it’s such a tightly-held market,” she said. “This had 67 inspections in two weeks. That’s a lot, but about what you’d expect for Rotoiti because there isn’t the supply.”

Most of the bidders were from out of town, with a buyer from King Country, a two-and-a-half-hour drive away, making the winning bid at a pretty intense auction that kicked off at $2m.