Early Edition with Kate Hawkesby

So while the property market might be cooling in some parts of the country, this might make your eyes water this morning.A new record has been set in Tauranga, where a penthouse apartment at Mount Manganui has sold for $10.2m.To put in context, the rateable value was only about $6 million. Questions are being raised as to how a such a big purchase is justified.Bayleys luxury home and apartment specialist in Tauranga Peter Clarke joined Roman Travers.LISTEN ABOVESee omnystudio.com/listener for privacy information.