Big bikkies for beach baches
Many Kiwis are now seeing coastal land as a first-class investment, while "absolute beachfront" properties in particular are fetching some colossal prices.
Wednesday, February 28th 2001, 2:08PM
by Paul McBeth
Many Kiwis are now seeing coastal land as a first-class investment, while "absolute beachfront" properties in particular are fetching some colossal prices.
The latest bulletin from Bayleys Research lists some recent sales for beachfront properties near Auckland, including:
- A basic bach with a long drop on 945 sq m at Beach Parade, Oneroa, Waiheke Island: this sold for $700,000.
- A fibrolite bach on 1,179m at Kuaotunu near Whitianga: $614,000.
- A house at Omaha (an easy drive from Auckland) on 1,018 sq m sold for $1.2 million. Bayleys says that Omaha properties that are on the beach and have good views are selling for well over $1 million, while houses one row back - even those with beach access - are selling for $500,000 to $600,000.
Bayleys Research says that more and more New Zealanders are realising that their beachfront house is not just a holiday home but that it's fast becoming the family nest egg. It says that the value of prime beachfront sections can now be worth two or three times more than a section one back from the beach.
"In essence, a two-tier market has evolved as a result of limited supply and excess demand for prime beachfront properties.
"While this demand is strong around out-of-Auckland beaches, similar markets have evolved around Wellington and Christchurch."