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Someone made $125,000 in one day on 31 Hornsea Rd, Tairua.

Fancy making $180,000 in two days?

That's what a property purchaser did in Pokeno in the middle of last year when they bought a property for $715,000 and sold it two days later for $899,000.

Another house, billed as a subdivision opportunity in the west Auckland suburb of Massey, netted the seller a $152,000 gain in one day.

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This property on Lansdown Place, Papakura, netted a seller $80,000 in one day.

Property data website Homes.co.nz has revealed some of the most lucrative quick-turnaround sales over the past six months.

READ MORE: 
* Auckland house buyers making big bucks through 'flipping'
* Central Otago Lakes edges out Auckland in unaffordability

Spokesman Jeremy O'Hanlon said there the rate of property "flipping" had slowed after the new loan-to-value rules kicked in, limiting the amount investors could borrow.

But he said it was never going to disappear because there were people who had made it their profession.

"There's always been a need for people to renovate old housing stock, in order to create healthier homes. Flipping property sounds like criminal activity, but if done as part of renovations and improvements, it's a pretty legitimate business."

O'Hanlon said he hoped that people who were considering buying a house would do some research on when it was last sold, and at what price.

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There was more than $150,000 to be made when this property was bought, then sold the next day.

SOME OF THE BIGGEST FLIPS:

- 10 Kilbryde Crescent, Pokeno - Sold for $715,000 on July 15, 2016, and sold again on July 17 for $899,000 ($184,000 gain) 

- 23 Colwill Road, Massey, Auckland - Sold for $1.013m on June 29 and sold again on June 30 for $1.165m ($152,000 gain)

- 43 Mahoe Street, Melville, Hamilton - Sold for $550,000 on December 4, 2016, and sold again on December 5 for 680,000 ($130,000 gain)

- 31 Hornsea Road, Tairua - Sold for $440,000 on October 25, 2016, and sold again on Oct 26 for 565,000 ($125,000 gain)

- 5 Lansdown Place, Papakura - Sold for $430,000 on December 8, 2016, and sold again on Dec 9 for $510,000 ($80,000 gain) 

- 228 Killarney Road, Frankton, Hamilton - Sold for $360,000 on November 30, 2016, and sold again on December 1 for $415,000 ($55,000 gain) 

- 81 Dominion Road, Nawton, Hamilton - Sold for $400,000 on May 25 2016 and sold again on May 26 for $440,000 ($40,000 gain) 
(Source: Homes.co.nz)

FLIPPING'S RISK AND REWARD

Martin Dunn, founder of apartment real estate agency City Sales, said there was not as much flipping going on as some people might think.

He said it was potentially dangerous for real estate agents if they were not aware of what was happening. They could be accused of not giving the vendor enough information.

Dunn said, where his agents were aware that a buyer planned to quickly on-sell a property, they would ask the vendor to sign an agreement to say they had been made aware of what was happening.

He said apartment buyers were more limited with what they could do than people who were in the market for residential sections or bigger properties that could be subdivided.

"They usually do something up and it doesn't cost anything with an apartment – you might spend $5000 on new carpet and paint. We prefer they have done something. Then they stage it, give us some good marketing money to retail it."

People trying to flip properties in this way took a lot of risk, he said, and would often lose money. If the market slowed they could be left vulnerable.

The bright-line test for the sale of residential land, introduced in October, applies income tax to any gain from an investment property bought and sold within two years.

But Dunn said it was unlikely to make much difference to speculators' appetite for a deal.

Andrew King, president of the NZ Property Investors Federation, said a lot of the people who sold properties on after a short time were first-home buyers or homeowners who wanted to buy a place, do it up and move on to a bigger and better property.

"That's not a bad thing to do to get on the property ladder."

The Real Estate Institute said less than 2 per cent of sales by its members were houses that were put back on the market within a year.

"It is fair to say that buoyant markets attract a higher level of speculative activity," said chief executive Bindi Norwell. 

"The bottom line from our perspective is that agents act openly, ethically and honestly when it comes to property transactions. More specifically to the question of flipping, under legislation agents are required to provide a vendor with a property appraisal, which must be in writing and supported by comparable information on sales of similar properties.

"This provision is designed to prevent the under-or- over-valuing of properties. The ultimate penalty for those who transgress from the industry's regulatory requirements is the loss of their licence and employment."

The Real Estate Agents Authority is working with other organisations to work out how common property flipping is. "We want New Zealanders to feel confident about buying and selling property," chief executive Kevin Lampen-Smith said.

"The Real Estate Agents Act and Code of Practice already require real estate agents to work in the best interests of the vendor.

"The agent has a responsibility to tell the vendor if the prospective buyer is a developer - if they know this and they know their plans for the property. It is very important and already currently required that real estate agents disclose relationships with buyers that create conflicts of interest so that vendors are well informed."

 - Stuff