Investor in Auckland makes £225,000 profit in just two days

Monday 20th February 2012

A shrewd property investor sold a double-Grammar zoned house in Auckland, New Zealand, at auction for NZ$1.3m (£690,000) just two days after buying the property for $880,000 (£465,000).

The home, which received a recent council valuation of $770,000 (£408,000), was resold after just two days at auction, which was held on the street as bidders could not fit into the office.

Jeff Cate of Barfoot and Thompson Remuera told the New Zealand Herald: "It was one out of the box but it shows how much interest there is around the $1m mark.”

The brick and cedar house, on 540sqm, attracted 250 bids from nine people in a 35-minute auction.