The sale of a modest bungalow in the Whangarei suburb of Regent for $230,000 above its capital value could be seen as the ripple effect from the explosion that is blowing Auckland house prices out of the water.
The house on a small section in Deveron St sold at auction last week for $615,000 but had a capital value of $385,000.
It’s also a sign the current Government valuations – the CV (capital value or potential sales value that rates are assessed on) – are out of sync with the market, says a local property expert.
Agent Mike Proctor slapping the sold sign on the house that set a new high. Photo / John Stone
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