A classic Kiwi bach in the Coromandel is for sale for the first time in half a century in a part of the peninsula where beachfront properties rarely come onto the market.
https://www.oneroof.co.nz/2620-wyuna-bay-road-coromandel-thames-coromandel-coromandel-1803912
While a number of properties have been sold along the Wyuna Bay peninsula, the last property to sell on the beachfront was more than four years ago.
Richardsons Real Estate Coromandel branch manager Kim Raddick said the “unspoiled” two-bedroom property at 2620 Wyuna Bay Road has a “wow” factor and offers a “once in a lifetime opportunity”.
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The house is largely original since being built by the current family in the 1970s and is situated across the road from the beach on a flat 835sqm section. But with the second generation not using the property as much, it is now time for them to pass it onto another family, Raddick said.
While the area has changed significantly in the last 50 years with a number of new properties being built behind it, the house itself still looks the same as it did in black and white photos with a classic car parked in the carport.
“It’s a true Kiwi bach with great basement space, plenty of room for tents and caravans on the front lawn.”
The house is “light and airy” and has a large veranda for barbecues while looking out to the ocean.
The bach offers clear views of the water. Photo / Supplied
How the bach looked when it was first built. Photo / Supplied
The property, which has an RV of $1 million, is on a large flat site, which offers potential development opportunities.
It is priced by negotiation with no price indication given at this stage, but properties along the Wyuna Bay cliff-top, also known as Wyuna Bay Road, have sold anywhere between $1.37 million for a modest four-bedroom home and $2.8m in the last nine months.
“In the beach areas there certainly hasn’t been anything under a million dollars for quite a period of time,” Raddick said.
There are no recent beachfront sales to compare it to as beachfront properties in Wyuna Bay and nearby Te Kouma and Oamaru Bay are rare and, Raddick said, come on the market on average every three to four years.
Meanwhile, an entry-level two-bedroom home in the historic Coromandel town can be picked up for around $600,000 and a newer family home in a new subdivision on the outskirts of the township is between $850,000 and $900,000.
Raddick said in the last year a third of their buyers have come from other parts of the Coromandel Peninsula including Cooks Beach as people are drawn to the good fishing and family-oriented vibe including safe swimming areas.
Check out the “vintage” motor in the garage in this black and white photo of the bach. Photo / Supplied
Not many neighbours around in the 1970s. Photo / Supplied
“I’ve had a lot of people coming over for the artisan side of town – the arts, the pottery and the heritage nature of our township, but definitely the fishing and sailing is a big part of it.”
The Auckland to Coromandel passenger ferry docking in Hannaford’s Wharf is also a drawcard and both Auckland and Hamilton are under a two-and-a-half-hour drive away, he said.
And while the Coromandel town beaches are becoming a destination in their own right and Raddick has heard Aucklanders refer to Wyuna Bay Road as “millionaire’s row”, he said that the beachfront homes still more “affordable” than the recent waterfront sales at either Whangamata or Pauanui.
In June this year a classic Kiwi beachfront bach on Tangaroa Road in Whangamata – the district’s most expensive beachfront - sold under the hammer for $6.52m, which is more than $2m above its 2020 RV and a sale price record for 2022.
Earlier this year OneRoof reported that entry-level properties in Hahei and Cooks Beach are now starting from mid-$1m.
Harcourts Coromandel Beaches Realty agent Caro Reid said there was always keen demand for upmarket properties with great sea views, lifestyle properties and homes priced between $700,000 and $880,000 and those properties priced well are still selling.
Reid said she had cashed-up buyers and others with pre approval ready to buy when well-presented properties that suit their needs arise.
There had been an increase in the number of listings in both Coromandel Town and the northern peninsula in the last six months and, she said, there was an indication from sellers that this trend will continue over spring.
While the median house price had dropped between June and July 2022, it was still up nearly 47% to $1.02m compared with the same period two years ago.
"This large hike in house prices over the past two years needs to be taken into account when considering the recent dip."
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