A classic Kiwi bowler across the road from Waihi Beach has sold under the hammer for $1.855 million as prices at the popular beach spot continue to lag behind its richer Coromandel neighbours.
The simple bach in a prime spot on Broadway Road, with just a road separating it from the water, attracted four bidders, all with grand plans to eventually replace the 1960s house with a new home.
There was hot competition for the property, with two people going hard for it once it hit $1.7m. It was announced on the market around the $1.8m mark and finally sold for $1.855m, below its RV of $2.04m.
Harcourts listing agent Graeme Morrison said people wanted the property for its stunning location across the road from Waihi Beach and “mesmerising” sea views out to Mayor Island (Tūhua).
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“Basically, the purchase price is really land value. There’s minimal value in the house. It’s a tear-down really.”
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The property had been passed down to other family members who all had different circumstances so had made the tough call to sell it, he said.
The new owners lived locally and planned to run the property as a bach until they were ready to build on the waterfront site.
The property was lacking modern conveniences, he said, and had fibrolite walls and no insulation.
“There were no real creature comforts, just a spectacular view and it’s been much loved by the same family from day one.”
The basic bach had no insulation. Photo / Supplied
People wanted the Broadway Road property for its views and beach location. Photo / Supplied
Morrison said it attracted interest from Waikato families, Aucklanders and Waihi Beach residents all wanting the sought-after waterfront location.
“Waterfront properties or properties that have an uninterrupted view of the water are highly desired and change hands rarely. It’s the rarity factor.”
For those with an unlimited budget and wanting a trophy address, Shaw Road was seen as the street to be on, he said, followed by The Loop where those on the water side literally opened their doors to the beach. There were only nine absolute waterfront properties on Broadway Road with all the other houses on the street having a road separating them from the water.
The latest sale trumps a recent sale on the same street where a slightly smaller classic bach on a similar-sized section sold privately for $1.74m. The same property had sold a year earlier for $10,000 less.
However, the $1.855m tag for the beachfront bach on Broadway Road is relatively affordable compared with nearby Whangamata where a classic four-bedroom bach on Seaview Road broke the town’s record in 2021 after the neighbours bought it for $7.41m. In June last year another classic bach on Tangaroa Road sold at auction for $6.52m with the owners also planning to replace it with a modern home.
A classic bach on Tangaroa Road, in Whangamata, sold under the hammer for $6.52m last year. Photo / Supplied
Harcourts Gold Star general manager Greg Sheppard said he had heard comments from people that the bach was good buying, which he pointed out was when compared to sales in some of the other Coromandel towns.
Sheppard said Waihi Beach values seemed to be 10 to 20% lower than Whangamata and Pauanui and had been the case in the eight years he had lived in the town.
“I don’t understand it because I think Waihi Beach has so much more to offer and it’s closer and easier for people, yet it doesn’t get the dollar prices that other regions do – but that could change.
“It’s an easier drive in, you are closer to major centres and it’s still very beachy Waihi beach. You’ve got the village there, the Flatwhite (café) and The Secret Garden, the gallery. It’s a cool vibe in Waihi Beach – it staggers me that more people don’t want to come and spend more money there.”
The town was still a popular holiday destination with holiday homes and camping grounds heaving over summer.
However, Morrison said people seemed to have their favourite holiday spot and people often weren’t prepared to budge on that.
“You either love Whangamata, or you love Pauanui, or you love Whitianga, or you love Waihi Beach. And there’s all those intangible reasons – you love the community, you love the beach, you love the lifestyle, whatever it is. Everybody has got their favourite spot they want to be.”
A designer home one back from Waihi Beach on Ayr Street sold for $2.9m earlier this year. Photo / Supplied
LJ Hooker Waihi Beach principal Gary Alway said Waihi Beach was in some ways a treasure that people were only still finding, despite being more accessible to some of the bigger cities.
"Waihi Beach has always been the playground for the Waikato, easy to get to, simple and laid back. Over recent years the secret has got out and we have seen an increase in interest in those wanting to move here from the cities given our proximity to Tauranga, Hamilton, Auckland. Waihi Beach offers those wanting a work-from-home or commute a real lifestyle balance."
Absolute beachfront properties could sell from $3m to more than $5m for a luxury home. A three-bedroom, three-bathroom home on popular Shaw Road sold last year for $4.5m, while a modern home one back from the beach on Ayr Street fetched $2.9m in April.
In nearby Bowentown, a four-bedroom, two-bathroom home at 5A Tuhua Place on the beachfront reserve is inviting enquiry over $1.5m.
Alway said there was always good demand for beachfront properties due to there only being a limited number available.
“The thing with beachfront is they are not making any more so if you wanted that something special it’s always the right time to buy it isn’t it,” he said.
“That market isn’t hindered by interest rate increases, governments, those people are not dependent on a bank potentially or who is in government or if we win the Rugby World Cup. The people that have bought those properties are generally just the average person who have worked hard all their life and made some good decisions, but they are not reliant on that sort of stuff.”
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