A four-bedroom beach house in the Coromandel sold for $3.61 million this month - more than $2 million above its 2017 rating valuation.
The new-build at 105a Mooloo Crescent, in Whangamata, sits one street back from the beach and had been on the market for price by negotiation.
Whangamata Real Estate sales agent Pete Sheppard, who brokered the deal with colleague Chris Speedy, told OneRoof that buyer activity in Whangamata had been “quite surprising” since May, and that sale prices in the town were probably boosting the median price for the wider Thames-Coromandel region.
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“Whangamata is different to the rest of the peninsula as we’re a little bit bigger. Demand is up on last year - there's not enough supply,” he said.
Sheppard said he had sold 105a Mooloo Crescent and two other properties in the town within the space of a week, with 105a Mooloo Crescent going unconditional earlier this month.
He said he had four offers for the home in the first ten days of it being on the market.
“This is one of the highest sale prices for a property in this area of town,” he said.
According to OneRoof records, it is Whangamata's highest sale this year, with the previous highest sale price coming in at $1.75 million.
Hahei Beach in Coromandel . Photo / Getty Images
The house, which sits on 463sq m of freehold land, has two decked outdoor areas, two living spaces, a spa pool and a sauna. It was designed by local architect Toni Rose Brookes from Borrmeister Architects and built by local builder Aaron Webb.
The Coromandel is home to some of New Zealand’s best beaches and much of its property market is driven by Aucklanders looking to buy a bach. Locals, however, rarely want to move out of the Coromandel so when properties do come to market interest is high.
However, the performance of popular beach suburbs since May, when the country came out of a level three lockdown, has varied: Pauanui property values have slipped while Whangamata's have risen.
One of the biggest hot spots in the region is Whitianga, where the latest median value is $670,000 and the biggest sale for this year was $1.2 million.
Whitianga Harbour in the Coromandel Peninsula. Photo / Supplied
Bayleys Whitianga managing director Mary Walker says the local market is “busier than bloody ever” while the market is slightly down due to shortage of listings.
It takes on average about 30 days for a property to sell, down from what used to be 90 days, she says.
“I don’t think it had a huge effect on here yet and we align our market with what’s happening in Auckland, it’s going strong there and it reflects what’s happening here.
In Whitianga the majority of properties are holiday homes or second homes, which home owners tend to sell in times of crisis.
Walker says it’s due to international travel restrictions and domestic tourism thriving that AirBnb property owners are not suffering post-Covid-19.
“It is rocking here - people are going away for the weekends and they are staying at AirBnb and hotels, eating out. Our little community is buzzing.”
