An original bach surrounded by multi-million-dollar holiday homes in Auckland’s playground for the rich has sold under the hammer for $1.575 million – making it the cheapest property to sell in the coveted beach town in over a year.
The entry-level three-bedroom, two-bathroom bach on a 600sqm section on Kitty Frazer Lane sold for $25,000 less than the previous cheapest sale: a three-bedroom home on Omaha Drive, which fetched $1.6m in October 2022.
Bidding for the Kitty Frazer Lane property, listed with Bayleys Omaha salesperson Victoria Turner, started at $1.3m and after just five bids paused for negotiation at $1.45m.
Almost an hour later the auction resumed with Bayleys auctioneer Conor Patton announcing the property was on the market at $1.51m.
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That sparked a bidding war between two buyers, who went up in $5000 increments, before the bach finally sold for $1.575m – $75,000 above its CV.
The property last changed hands in 2010 for $685,000, OneRoof records show.
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Bayleys in the North director Mark Macky said not many properties in the lower end of the market have sold in the last 12 months. The entry-level properties are usually original baches.
“A lot of Omaha these days has been redeveloped and the average sales price is higher.”
Analysis of all the settled sales in Omaha since April 2022 found just four under $2m. eight between $2m and $3m, and four in the $6m price range.
Macky said there was still demand for properties across all price points as people were drawn to Omaha for its close proximity to Auckland, great golf course, stunning beach, and wider Matakana attractions.
While the market has adjusted, he said the drop had not been as big as in central Auckland.
The bach has sea views from the kitchen and living areas. Photo / Supplied
A luxury home in Kutai Lane holds the record for being the most expensive sale in Omaha. It sold for $9.1m. Photo / Supplied
The highest sale price in the beach town is $9.1m for a four-bedroom bach on Kutai Lane. The luxury home, which sold in April last year, has a heated pool, spa, and master retreat on its own floor, top-of-the-line home automation, a built-in bar, and chilled wine cellar.
Macky said it was not just Aucklanders buying in the town as they have also sold properties to people who live in Omaha, as well as people from Queenstown and Wanaka, and expats.
“Certainly, its proximity to Auckland as our largest city and the highest property values does dictate that the majority of buyers come from Auckland, but it’s definitely not all of them.”
- Click here to find more properties for sale in Omaha
