Core Viewpoint - A property located in Hangzhou, known for its historical significance, was auctioned today, attracting significant attention and ultimately selling for 1.22617 million yuan, which is approximately 43,500 yuan per square meter, indicating a price above the market average for similar properties in the area [1][7]. Group 1: Property Details - The property is a small, old unit with an area of 28.16 square meters, located at the intersection of Wan Song Ling Road and Phoenix Mountain Foot Road, an area historically significant as it was designated as part of the royal city during the Southern Song Dynasty [1][3]. - The building is over 60 years old, with most residential buildings in the area constructed in the 1950s and 1960s, and the property shows signs of significant wear and tear [3][8]. - The auction attracted over 17,000 views and 9 bidders, highlighting the high interest in this particular property despite its condition [1]. Group 2: Market Context - The average listing price for similar properties in the Phoenix Mountain Foot Road area ranges from 36,000 to 47,000 yuan per square meter, with the last recorded transaction occurring in December of the previous year at approximately 36,000 yuan per square meter [7]. - The high auction price of this property suggests a speculative interest, possibly driven by expectations of future redevelopment or demolition in the area, as properties in this community are often seen as potential candidates for future urban renewal [8][9]. - Historical auction data indicates that properties in this area have consistently sold for prices above market value, with previous auctions also reflecting a trend of high competition and bidding activity [9].