Real estate insiders are remaining tight lipped about the person who purchased a Papamoa waterfront property for half its registered value.


The new owner of a Papamoa waterfront property, who nabbed the house for a bargain, is thought to be the same man who sold the house three years ago.

There is speculation the new owner of the property at 83 Karewa Parade is Auckland supermarket owner Rob McGregor, who sold the house three years ago for $500,000 more.
But Mount Maunganui Harcourts sales manager Nigel Martin says the details of the mortgagee sale are confidential.
He says 200 people viewed the property, 60 people attended the auction on July 11 and five people placed bids.
The Papamoa property had a capital value of $2.1m and sold at auction for $1.3m.
'The house sold for about market rate, I think the new owners got a fair price for it. House prices in Papamoa and Mount Maunganui have come back since peaking in 2007,” says Nigel.
The contemporary style house has ocean views, four double bedrooms, open plan living area, two bathrooms, three toilets, tile roof and foyer entrance.