A freehold carpark in the basement of a central Auckland building has been sold for a whopping $265,000.
Bidding for the park, situated beneath the Quay Regency apartments in the downtown suburb of Britomart, started at $70,000 but quickly climbed, interest.co.nz reports.
The extraordinary bid is believed to have been driven by a number of people living and working in the area that were desperate for the park, Ray White said.
Astonishingly, the park's $265,000 price tag is the exact median price of a house in Southland, according to the latest data from the Real Estate Institute of New Zealand (REINZ).
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It's a demonstration of just how severe the housing crisis is in Auckland, where median prices currently sit at $880,000 - more than three times what they are in Southland.
The carpark price is likely to make those in Manawatu, Whanganui, Hawke's Bay and Canterbury balk too, with the park more than half the value of the median house prices in those regions.