The record breaking sale of the penthouse of the Eleven Mount Maunganui apartment complex for $5.5 million this week is an indication of the status of the property market's top end.
Bayleys Tauranga's Peter Clarke says the Mount market continues to attract a premium price for top quality residential real estate, despite a generally sluggish residential market.

The sale of Eleven Maunganui Road's penthouse for a record $5.5 million is indicative of the top end of the property market.

"The Eleven penthouse suite was certainly the premium address for sale in the Mount strip, and easily the best appointed apartment in the Bay of Plenty," says Peter.
"Because of the multi-million dollar pricing attached to the address, potential buyer numbers were small - but at the same time, they were seriously interested in purchasing and had the funding available to complete a transaction of this size.
"While the economy may still be recovering from recession, there are still plenty of wealthy people in New Zealand who have successfully weathered the economic slump and are now in a strong position to take advantage of realistically valued property - both as holiday homes and as primary residences."