A quirky waterfront property looking out to New Zealand’s most loved beach has sold for $685,000 – making it the cheapest property to sell on the street in over two years.
The two-bedroom unit on a cross-lease section on Ocean Road in Ohope had been listed since last year before entering a multi-offer situation earlier this month, pushing it $6000 above its asking price of $679,000.
The three parties vying for the property were an out-of-towner who had recently moved to the area and was renting, a Christchurch buyer looking to relocate, and the successful Tauranga buyer who ended up securing it as their holiday home.
Bayleys listing agent Sabina Andresen said it was good value for money because it is hard to get a property at that price level with a view. “It was entry-level into the best street.”
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The council revaluations have been released in the last two months and she thinks the new RV of $1m made people think it was a bargain.
Andresen said it had plenty of potential and would also make a great Airbnb.
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“A lick of paint and creating a beachy theme would transform that place really quickly. I don’t think you would even have to spend much on it. It’s just jooshing it up really.”
“Ocean Road is perceived to be the golden mile of the beach – you’ve still got the road and there are absolute beachfront properties along Pohutukawa Ave. But it’s definitely perceived to be one of the elite spots at the beach no doubt,” Andresen earlier told OneRoof.”
The last time a property on Ocean Road dipped below $700,000 was in October 2020 when a cross-lease property sold for $675,000, analysis of settled sales by OneRoof’s data partner Valocity showed. The highest sale price for Ocean Road during the same three-year period was recorded in November last year when a large home on a 802sqm section fetched $3.05 million.
The cheap beachfront bach had an interesting layout with the kitchen and dining downstairs and the living room, with views out to White Island, upstairs. Photo / Supplied
A high-end home at 344a Ocean Road, Ohope is also for sale on the same street. Photo / Supplied
Meanwhile a property at 344a Ocean Road could pip the highest record for the street if it sells for around its $3m price indication.
The near-new home, marketed by Harcourts agent Anna Robertson, can be separated into a three-bedroom home upstairs, while the two-bedroom self-contained apartment downstairs is currently run as an Airbnb.
Harcourts Whakatane owner Wayne Pamment told OneRoof that it would appeal to buyers looking for a high-spec, high-quality beachfront home and was likely to be bought as a holiday home or by a semi-retired couple with high net worth.
- Click here to find more properties for sale in Ohope
