Four neighbouring beach homes have hit the market for sale in the Coromandel.
Up for grabs at 1A and 1B Bruce Street, in Whitianga, Thames-Coromandel, are four units spread over two houses that used to be part of a backpackers lodge.
Each of the houses contains an upstairs and downstairs unit, with a total of 10 bedrooms and eight bathrooms on offer on 1006sqm of land.
Listing agent Belinda Sammons, from Bayleys, told OneRoof her client owned all four properties and ideally wanted to sell them to a single buyer. However, if 1A and 1B do not sell at auction, they may be bought separately.
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The properties had been part of the Whitianga On the Beach Backpackers Lodge, and sit behind the main lodge buildings. The owner, an investor, bought them in 2019, for just over $1.2 million, but has decided to sell now their tenancies have come to an end.
“It’s quite unique to have the two titles and two houses on each,” Sammons told OneRoof, noting the properties’ proximity to the beach and Whitianga’s restaurant and cafe strip.
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“There are so many opportunities,” she said. “You can have a holiday home there or a home and income. Two families can buy one title each or potentially someone with land-banking plans could buy both titles. The properties are only one back from Buffalo Beach,” she said.
There was also a good chance that both titles were bought by another investor and rented out.
Whitianga has a real shortage of worker accommodation, like many coastal and lake communities in New Zealand. The long-term rental situation is tight in the town, with single rooms in shared homes commanding up to $350 a week in rent.
1A Bruce Street offers an upstairs and downstairs unit and is being pitched as an investment opportunity. Photo / Supplied
1B Bruce Street has four bedrooms in the upstairs unit and two bedrooms in the downstairs unit. Photo / Supplied
Richardsons agent Abby Lawrence said the new-build market in the town was struggling. “With the softening in the market, not all builders are coming out even or with a bit of fat on top,” she said, citing the high cost of building materials.
A property might cost $1.5m to build, but was unlikely to achieve that number in the current market, she said. “I would say sections are the last sector of our market to see a surge in inquiry. But that is understandable given the cost of building is $4500 per sqm.”
Both Lawrence and other agents are reporting more footfall in the town since State Highway 25A from Kōpū and Hikuai reopened to traffic in December last year, three months ahead of schedule. The road was washed away in January 2023 and had been closed, causing an economic downturn.
“The Coromandel was hit hard across all sectors, not just real estate and tourism. Since the road reopened we’ve seen more stability and positivity,” she said.
An African-inspired Adobe home for sale at 22 Protea Crescent, in Whitianga. Photo / Supplied
A five-bedroom waterfront home is up for grabs at 14 Stormont Lane, in Whitianga. Photo / Supplied
“Just having more feet in town, more people at the cafes, more people going on the glass bottom boats, more foot traffic, more life in our town has been lovely to see."
Lawrence said “bread and butter” real estate listings - three-bedroom brick and tile homes - had been turning over well. “Ma and Pa Kettle and their kids still need a place to live when they come to our beautiful area.”
However there had been a slight pullback at the high end, which could relate to the economy.
Lawrence had several properties for sale at the time of writing, including an eclectic architect-owned home at 22 Protea Crescent. It has a price tag of $925,000 and was about to go under contract at the time of publication. She had also just listed a waterfront home at 14 Stormont Lane, which was on the market for the first time in 36 years.
- 1A and 1B Bruce Street, in Whitianga, Thames-Coromandel, go to auction on October 17
