A bach on Great Barrier Island sold for more than double its CV at auction last week, although the agent who marketed the property says CVs don’t match the prices fetched on the island.
Barfoot & Thompson’s Mike Jensen says properties are selling for around 80% more than their CV on average with the island seeing a strong rebound in demand.
The bach on Whangaparapara Road, which has a CV of $700,000, sold for $1.527m at the auction, with two main bidders making 65 bids. The property last sold in 2003 for just $260,000.
Jensen says the 140sqm four-bedroom home’s proximity to the waterfront was its big selling point. “There’s a road between you and the water so you can literally walk from the property to the water.”
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A renewed interest in Great Barrier is being seen across the island and across property types, Jensen says. “There seems to be a really strong interest in the Barrier again. We're just flat out again which is a very fast turnaround.”
Feedback from Aucklanders is life in the city is a challenge with too much crime so people are looking for a getaway. “We don't have those issues out here and that seems to be what we're hearing,” he says.
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Another reason being given is it’s easier to get to Great Barrier, which can be accessed by ferry and by air, than it is driving to the Coromandel for holiday, parts of which are still affected by storm damage to roads.
People don’t have to sit in holiday traffic and can go door to door in under two hours with daily flights from the Auckland Domestic Terminal.
People from outside Auckland are also interested in buying on the Barrier because of this, Jensen says.
“They can fly to Auckland, walk to the other end of the terminal, jump on the barrier plane and they don't need to leave the terminal.”
The Whangaparapara Road property sits on on a 1165sqm section adjoining a lodge and is near the Whangaparapara Wharf. It has a refurbished kitchen with “stunning” views over Whangaparapara Harbour and has landscaped grounds.
The property on Whangaparapara Road is as close to the waterfront as you can get on the island. Photo / Supplied
A one-bedroom home for sale at 201 Puriri Bay Road sits on a 1277sqm waterfront section. Photo / Supplied
Auctioneer Murray Smith says there was a pre-auction offer of $1.4m.
He had two bidders, one by phone and one in the room, who was eventual victor in what was a very competitive auction: “3.03pm to 3.27pm just bid, bid, bid.”
Smith says the buyer is someone who knows Great Barrier well.
He, too, says the CV is not an indication of value, pointing out this was a waterfront property. “You have a look at the photos of the property and what's that view worth? I struggle to tie any connection between the CV and value, I always have.”
Jensen says around 40 or 50 people enquired about the property and that is not unusual. “We're getting that on all property on the island at the moment. We've got people flying out here viewing which two months ago we weren't even getting emails.
“Something's happened. It could be the Coromandel thing; it could be the Auckland thing.”
Jensen has a variety of properties on offer, such as a one bedroom “absolute waterfront” home at 201 Puriri Bay Road, which is also seeing a lot of inquiry.
On the market for sale on is 38 Medland Road, also known as Earth Song Lodge. Photo / Supplied
The listing describes the property as one of the most unique sites on the Barrier, consisting of a 1,277sq m section with an 87sq m elevated dwelling under an ancient Pohutukawa tree.
There is also a fresh water stream and swimming holes.
Jensen is also marketing 38 Medland Road, which is known as Earth Song Lodge.
There are four self-contained units and the lodge is among some of the nicest accommodation on the island, he says.
Jensen says there is a shortage of accommodation on the island with holiday-makers already trying to book for Christmas.
Sited on five hectares of land, there are substantial views back over Tryphena Harbour, with the Coromandel and Rangitoto in the background.
The lodge has a helicopter pad, and Jensen says choppers on the island are becoming more frequent.
“That's probably an advantage, the bigger properties are quite isolated, there's enough land to land anywhere you want sort of stuff. They are certainly very frequent in the sky, that's for sure.”
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