An Ohope coastal residential property has sold at auction for a record $1.485 million.
Wednesday, November 24th 2004, 3:04PM
by The Landlord
Four months after July rainfall caused landslips to fall on several other properties along the street, six bidders demonstrated their faith in the escarpment's stability by pushing the property's price up-wards on Saturday.
Tauranga property developer John McColl was the eventual victor and he plans to use his prize as a holiday home, rather than for development.
Harcourts auctioneer John Glasse opened the bidding in front of 160 people at $800,000.
The unassuming two-level wooden home on the property is in "average condition" and set back from the road. The neighbouring property to the east is a reserve and in front is the glory of Ohope Beach and what must now be considered a million-dollar-plus view.
Despite media reports that real estate prices were easing "that's just not the case at Ohope", Mr Glasse said.
