A home on a cross-lease section on one of Hamilton’s most prestigious streets will be auctioned next month with a declared reserve of $1.25 million - about $300,000 less than its value at the peak of the market.
The three-bedroom, two-bathroom home at 16 Awatere Avenue, in Beerescourt, is one of several properties being sold along the eastern side of the Waikato River in the low $1ms – a price point agents say would have been unheard of 18 months ago.
Lodge listing agent Mike Thomas said with a set reserve of $1.25m the home would be the best priced river view home on Awatere Ave. “I would say it’s the best buy in the current market if you want ease to central city, river views and a great blue-chip address,” he said.
Thomas said the owners had already purchased in a retirement village and needed to sell which is why they had set the “sharp” advertised reserve price for a set sale. “We priced it a year ago at $1.6m.”
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The cheapest sale on Awatere Avenue since the start of 2022 was $975,000, for a home on the opposite side of the road from the river, One-Roof-Valocity records show.
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Thomas, who also sold that property, said the price of $975,000 reflected that it was not on the riverside of the street and had some quirks. The house was purchased by a young professional wanting the location.
Meanwhile large, stand-alone homes on full sites on the riverside of Awatere Ave would still sell well in excess of $2m, but rarely come up for sale, he said.
Several Hamilton business people have even bought homes on the street to demolish and rebuild just to be in the blue-chip location.
“It’s probably one of the most desirable streets because even Kotahi whilst that’s probably the most expensive street – most of Kotahi doesn’t have the river views whereas the majority on Awatere have some kind of elevation or view.”
Further north along the river a three-bedroom, two-bathroom home being marketed as “entry-level on the river” at 106 Delamere Place, in Pukete, has an asking price of $1.149m.
Harcourts salesperson Craig Annandale said 16 Awatere Ave and 106 Delamere Road are quite different offerings with one on a cross-lease section nestled into the bush and built into the bank offering river views and the other on a flat full section next to the river.
“But certainly at $1.149m its (Delamere) is great buying because going back two years just a section would be a lot more than that.”
An entry-level home at 106 Delamare Road, in Pukete, Hamilton, is priced at $1.149m. Photo / Supplied
A five-bedroom home at 35 Ann Street, in Beerescourt, Hamilton, goes to auction on March 16. Photo / Supplied
About 18 months ago it would have been hard to pick up an entry-level river-front property for under $1.5m, he said.
“The riverside is always a premium spot, doesn’t matter where you are, if you are bordering the river... and there’s only a limited supply of sections too.”
Along with Awatere Ave, on the east of river premium Woodstock addresses such as Anson Ave and Dalethorpe Ave are also high-demand streets, he said.
“There’s no doubt about it that Awatere is probably the best address, but anything that is city fringe because at the end of the day city professionals don’t want to compete with that traffic every day.”
Another riverside property at 56 Awatere Avenue is for sale for $1.799m and, according to OneRoof records, last changed hands in December 2020 for $1.721m.
While a five-bedroom, three-bathroom mid-century home at 35 Ann Street beside riverside parks is going to auction next month after being owned by the same people for 10 years.
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