Kiwis hoping to grab a bach next to New Zealand’s best beach should beware: property in the Bay of
Plenty hotspot doesn’t come cheap.
OneRoof figures show house prices in Ohope have jumped $140,000 in the last 12 months, as buyers made the most of low interest rates.
Ohope’s median property value sits at just under $1 million, but baches in the beach town can sell for much more.
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A two-bedroom 1950s-build bach at 225 Pohutukawa Avenue sold under the hammer this week for $1.615 million – more than double its 2019 rating valuation.
The property, which sits on a 859sqm section, attracted 24 registered bidders at the on-site auction on Wednesday, watched by a crowd of more than 150 people.
Harcourts Whakatane agent Aaron Standen, who marketed the property, told OneRoof he was not surprised the bach was sold well above its rating valuation, saying the Ohope housing market was adjusting to higher levels of demand post-Covid.
“The property was special because it was nothing special,” he said.
Ohope boasts a stunning beach that stretches along the coastline. Photo / Getty Images
The buyer was an out-of-towner looking for a family bach.
Standen said buyers were in love with the location. “It’s a unique piece of land and people want to secure a piece of it. Ohope has a flat white beach for swimming, and has the most sunshine hours in New Zealand.”
Standen said he expected buyer demand to grow in the coming months. “For 52 weeks of the year you recognise and say hello to the same people whether you know their names or not,” he said.
Ray White business owner Greg Purcell, who also sells in the area, said Ohope had a reputation as a great beach location.
“Ohope is on a map as a beach town and it’s a destination like Queenstown is. People come here for a reason to visit the beach,” he said, adding that properties next to the beach could command a premium.
There are currently only nine properties for sale in Ohope on OneRoof.co.nz, and that lack of stock has increased competition and driven up prices.
“Everyone is screaming out for listings but a lot of people aren’t selling because they have nothing else to buy in the area. On one hand it’s good for people who are selling and the money they are retrieving, but so stressful for buyers,” Purcell said.
He said he had received enquiries from buyers across New Zealand as well ex-pats moving back from overseas.
“Prices here are cheap compared to what you’d pay for a house by the beach in America or Europe,” he said.
