RECORD REGISTRATION PLATE PRICE

$2.45 MILLION PAID FOR NSW 4

PROPERTY AND GOLD prices are going through the roof.

Now add registration plates to that list, with a record $2.45 million paid by Chinese billionaire Peter Tseng, for New South Wales plate 4 at Shannons Sydney Winter Classic auction recently.

An opening offer of $1 million set the scene, with a contingency of cashed up buyers entering into a bidding frenzy before Tseng aced them and secured the rare plates, at the same time setting a new price record.

Tseng now adds NSW 4 to his collection of NSW 2 as well as the Hong Kong plate 1.

The price paid by Tseng eclipsed the combined value of all cars sold at the auction on the night, which totalled $1.76 million.

Following the auction Shannons National Auction Manager Christophe Boribon said, “Just nine of these New South Wales number plates were ever issued, making them ultra-collectible and irreplaceable. Their unique status and desirability is never going to change."

Before Tseng slapped down his record amount, shattering the previous record of $689,000 for NSW 2 in 2003, registration plate prices were already marching north.

Earlier this year $745,000 was paid for NSW 29 and $705,000 handed over for NSW 36.

Not to be outdone, a Victoria buyer forked out $530,000 for the Victorian plate 21 in 2016.

And there are even some three-digit plates in high demand with $192,000 paid for NSW plate 321 earlier in the year.

Have we hit a ceiling? Will the new record price tempt sellers to part with their heirlooms? Only time will tell.