A nostalgic “pink bach” is the first property to sell in a coveted waterfront location in Te Kouma, Coromandel, in a decade after Bay of Plenty buyers shelled out just over $1 million for it.
The new owners have snapped up the Kiwi classic with a distinct retro vibe for their holiday retreat.
The two-bedroom, one-bathroom bach, on an elevated 5148sqm site split over two titles, was put on the market in March after being in one family for 62 years.
Richardsons salesperson Kim Radick confirmed the sale price of the bach – which was sold in July but only settled this week – was in excess of $1m. It was a great result for the vendors, he said.
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It was also significantly above its RV of $740,000, which Radick had previously labelled as outdated.
The last open market sale in Te Kouma’s tightly-held waterfront location, known as Heards Bay, was in November 2013 when a property sold for $925,000.
And while the property had a quirky charm to it – complete with blue walls and chequered vinyl – which would likely take people back in time to their childhood summers, Radick told OneRoof earlier this year that its “absolutely phenomenal” location would be the major drawcard for buyers.
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The box-shaped bach is at the far end of the bay surrounded by bush and across the road from the popular boating and safe-swimming beach. Its elevated position – about a third of the way up the site – meant it had stunning northerly views over the Coromandel and out to the Hauraki Gulf, Whanganui Island and the nearby Hannaford’s jetty.
“Location, location – that’s what it comes down to at the end of the day. That’s where the dollars are going to be.”
Te Kouma is also a well-known location hugely popular with Auckland’s boating fraternity, he said.
The bach has a vintage charm to it with checkered tiles and blue walls. Photo / Supplied
A three-bedroom, two-bathroom home at 2480 Wyuna Bay Road that is about a minute's walk to the beach has an asking price of $1.275m. Photo / Supplied
While the agency doesn’t have any waterfront properties near Coromandel town for sale, Radick said there were some very close to the coastline including three properties at 2475, 2480 and1485 Wyuna Bay Road priced between $1.25m and $1.375m.
Another property recently listed has been dubbed by Harcourts Coromandel salesperson Caro Reid as the Monte Carlo of the Coromandel.
Reid said Little Bay would be one of the area’s most sought-after locations due to its white sand and waves.
The current owners built the home at 986 Tuateawa Road, which looks down on the beach and while it is not waterfront, it is close enough to tractor the boat to the beach.
Like the eastern side of the Coromandel, the western side has its own challenges with bad weather. Earlier in the year the storm caused multiple slips, which temporarily shut the Thames Coast Road / State Highway 25. However, Radick said the SH 25 loop road around the peninsula was open and ready to welcome people back into paradise.
In the last few weeks, he has also noticed an uptick in email enquiries from people wanting to make Coromandel town either their permanent home or their desired holiday destination.
But would-be bach owners aren’t just looking near Coromandel town as agents in Cooks Beach, Hahei, Pauanui and Whangamata told OneRoof this week that their phones have been ringing hot after a sluggish winter.
Buyers are already starting to look, they said, and they bracing themselves for a flurry of activity later in October, which would be after the annual general election and in time for the first long weekend in more than three months.
State Highway 25A Taparahi between Kōpū and Hikuai, which suffered significant damage in the January storms, is due to re-open in March next year. Photo / Waka Kotahi
Harcourts Pauanui owner Alyce Rowe said while enquiry was up, they have noticed more coming from the Waikato rather than Auckland, which is usually the main buyer market. Rowe said this could be due to the temporary closure of SH25A Taparahi between Kōpū and Hikuai, which has added about an extra hour to the trip from Auckland.
However, the recent updates that the repairs are on track and due to be completed by March and the forecast for a hot, dry summer has started to spur activity, she said.
Her office has several multi-offers tabled for properties in the past few weeks and an entry-level home was snapped up within days of going to market.
Agents on that side of the Coromandel are expecting a further increase in activity as the March completion date for the road draws near.
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