A waterfront home in Pauanui sold last month for an eye-watering $6.1 million, smashing the house price record in the Coromandel beach town.
Pauanui Beach Realty agent Mark Venter said the high-end four-bedroom bach on Prescott Place had attracted a lot of interest. “It’s bang on the beach, no interruption, and it’s a square site,” he said.
The buyers were from out of town and had been on the hunt for a house by the beach.
Venter also brokered the deal for the town’s previous record-holder, a beachfront property on McLiver Place, which sold for $5.15m in January 2020.
Start your property search
He said that while there were about 70 to 80 properties on Pauanui’s beachfront, not all were prime positions.
Prices started at around $4m, he said. “That’s just the price if you want to secure beachfront. There are no bargains on the beachfront. If they are, it will be for a reason.”
Read more:
- The vintage bach with a $9.25m-plus price tag
- Nice house, but how much for the entire island?
- Pauanui locals pay $4m to move one street closer to the beach
Venter does not think it will be long until Pauanui closes the gap with neighbouring Whangamata, where the top end of the market is in the $7m range.
“I don’t believe $7m is far away because you are $4m for the land and you are $3m for a build so a new-build site on Pauanui beachfront in a great location is going to be $7m and I don’t see it being long before we get that number.”
An older home on a 946sqm section on McCall Avenue also sold last month to an Auckland buyer in the mid-$4ms.
The exact price cannot be revealed until settlement, but Harcourts Pauanui owner Alyce Rowe said it was a good landholding in a good beachfront position.
Rowe said properties were selling way above the “irrelevant” RVs.
Last month the average sales price in Pauanui was 41% above its RV, up 2% on January 2022.
“Anywhere between that high 30% right up to early 50% is common here in Pauanui.”
The recent storms and flooding had blunted what agents say was looking to be a cracker year, with the average sales price, number of sales and day on market in January 2023 all better than in January 2022.
Several agents told OneRoof that the closure of SH25A had restricted access to the town.
Rowe’s advice to market participants was to act now and not wait until the road re-opened. “I see that our market will get another peak because we will get all the buyers re-entering at the same time.”
A six-bedroom older-style bach at 19 Claxton Avenue, in Pauanui, Thames-Coromandel, has a $3.8m price tag. Photo / Supplied
A three-bedroom home for sale at 156 Waterways Parade, in Pauanui, Thames-Coromandel. Photo / Supplied
There are two beachfront properties currently on the market in Pauanui: a six-bedroom home at 19 Claxton Avenue, priced at $3.8m, and a four-bedroom bach at 9 Courtney Place, which is for sale by way of negotiation.
Bayleys agent Dale Sholson said there had been a lot of buyer interest in 19 Claxton Avenue, and noted its similarity to another Claxton Avenue bach which sold under the hammer last year for $4.002m.
Most of the enquiry he’s receiving is from existing homeowners in the town who want to move to the prime beachfront position. "It doesn’t get any better than that. You have the waterways for people who are mad on fishing and big boats etc, but the front of the beach is the place to be.”
High-end properties currently for sale on the Waterways include a three-bedroom, three-bathroom home at 156 Waterways Parade and a four-bedroom, two-bathroom home at 109 Motu Iti.
- Click here to find more properties for sale in Thames-Coromandel
