Beachfront Gisborne property sells for $1.7m

While Gisborne prices are cheap by national standards, people were prepared to pay for premium sites.

The house, built in 1975 and overlooking Wainui Beach, shattered the record price for a residential house in Gisborne when it sold for $1,710,000 at an auction just before Easter.

The previous record was $975,000, paid for another beachfront property at Wainui in October 2003.

Listing agent Neil Walker said six parties made more than 65 bids, starting from $800,000, before the property sold "under the hammer" to a woman who recently bought a property at Tolaga Bay.

Harveys real estate chief executive Ross Hunter, who travelled from Auckland and auctioned the home, said waterfront property prices had "boomed" during the past five years.

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