A 60-year-old beach house just north of Whangarei has been bought by an expat for more than three times its ratings valuation.
Tucked away at the entrance of Tutukaka Harbour on 5ha of stunning coastline, the five-bedroom house was put on the market after its owner passed away.
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Ray White agent Ross Hawkins, who listed the property, said it sold for over $5 million, well above its $1.77 million CV.
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Hawkins said he had more than 70 enquiries for 106 Landowners Lane - a quarter of them were overseas buyers. “For a coastal property of that value, that's a big number. Last years, I might have had ten enquiries if it had been on the market.”
He said the buyer was from Australia and had made the purchase without physically seeing the property.
"They won’t see the property until after it’s settled and they make their way to New Zealand, but they know the area well and had sent a family member to the location."
The property offers stunning views. Photo / Supplied
The inside of the beach house is dated. Photo / Supplied
The former owner was from the United States had held the property for 60 years. Hawkins said the new owner was planning to hold on to it for a long time too.
“The new owner bought it as a long-term investment, to pass onto future generations. Something like this rarely comes on the market.”
The value of 106 Landowners Lane is in its location and large section, with the main 310sqm house and a basic single-bedroom cottage representing just a fraction of the property's rating valuation.
“The main house has a good base but is very dated and if the owners decide to keep it, they’ll have a major job bringing it up to date.”
Hawkins said the coastal market in New Zealand was thriving post-Covid.
“We have a nice climate and offer better value for money. We are seeing a very real shift to lifestyle living due to the world situation.”
