Wealthy Aucklanders are going head to head with local buyers at the top end of Whangārei’s housing market, agents have told OneRoof,
The exodus of cashed-up outsiders heading to Northland’s biggest centre took off in the early stages of the pandemic, and hasn’t really stopped, says Bayleys residential sales leader for Whangārei, Rachael Dennis.
She cited a number of high end properties that have been targeted by out-of-town buyers in recent months,
Last month, competition between two cashed-up Aucklanders and a well-known local family drove the price of a well-presented four-bedroom beach-front home on Owai Avenue, in Helena Bay, near Oakura, to $2.326 million – almost half a million dollars above its RV.
Start your property search
And buyers from just north of Wellington picked up a three-bedroom home in the popular Kamo-West subdivision for $1.8m.
Other high-end properties drawing interest from out-of-town buyers, says Dennis, include a four-bedroom “executive residence” at 5 Cordyline Way, in One Tree Point, and a lifestyle property with a small macadamia orchard at 220 Ngunguru Road, Glenbervie, just north east of Whangārei City.
Eves sales manager Nikki Tracey attributes the surge in new house and land packages in the district to Whangārei’s population boom, and a new report by REINZ notes that Aucklanders have shown particular interest in new subdivisions at Parklands Estate, Riversong, The James and The Landing, in One Tree Point, as well as subdivisions in Ruakaka and Waipu.
A three-bedroom home in Karanui Estate, in Kamo-West, sold this month for $1.8m. Photo / Supplied
A four-bedroom 1960s home on Mathew Place, Tikipunga, was pitched as something buyers could do up or demolish and develop. Photo / Supplied
The REINZ report says a lot of these out-of-town buyers are able to work remotely, heightening the draw of a move north. Tracey concurs. “It started with COVID and people looking for a change of lifestyle and that drove a lot of people north.” Coastal and other high value property have also benefited from the trend.
Some of the home and land packages are being bought by retirees who want newer homes, says Tracey. “We've some newer homes in Totara Parklands. That was an older demographic coming off big land, lifestyle blocks. They want modern, but don't want to be in a retirement village and have a little bit more capital than sellers with an older home,” she says.
There are opportunities at the bottom of the market as well, with buyers looking for do-up homes spoilt for choice. Some are unlikely to meet healthy homes standards, which cuts out potential competition from investors.
Eves has also seen quite a few deceased estates on the market. One example was a four-bedroom 1960s-built home on Mathew Place, in Tikipunga, which sold for $535,000 in May – almost $100,000 below RV. The property had only one owner and was pitched to buyers as something they could either do-up or demolish and develop.
This run-down home in at 26 View Road, in Hikurangi, is looking for buyers with $310,000-plus to spend. Photo / Supplied
Eves has another deceased estate it is bringing to auction on August 24. The three-bedroom 1940s brick home at 38 Mill Road, in Regent, has an RV of $655,000 and is billed, by agent Jayden King, as a "treasure trove of opportunities". "Put your DIY skills to good use and create the ultimate 'forever home' or turn it around quickly for what could well be a very healthy profit," he says in the listing ad.
Entry-level homes in Whangārei are considerably cheaper than many other parts of the country, but buyers might need a lot of elbow grease and funds to get them up to standard.
Possibly the lowest price detached home for sale in the district is a two-bedroom, one-bathroom do-up in the outlying suburb of Hikurangi, at 26 View Road. Harcourts agent Robyn Watson is advertising the property at price by negotiation over $310,000. The RV is $470,000.
- Click here to find more properties for sale in Whangārei
