An original bach on Waiheke’ Island's prized waterfront has sold under the hammer for $6.2 million.
Four bidders competed for the two-bedroom 1930s home on Beach Parade, Oneroa, which had been in the vendor’s family for more than 45 years.
Bayleys agent Trish Lafferty, who marketed the home with Kym Aikin, said it was one of the last few sites on the desirable beach-front that had not been developed. The property had a CV of $6.1m – $6m of that in the land. Bidding reached $6m before the hammer came down after a pause for negotiations at $6.2m.
“They’re the sort of sites where 90% of the buyers would remove the house, they’re just paying for the land,” Lafferty told OneRoof.
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“It’s a really historic place, but you know we’re in 2024 so obviously people are thinking development.”
She added that many of the buyers for these sorts of properties were not actively in the market, but were waiting for the right waterfront property to come up.
“We did a marketing campaign to reach those people who are not looking all the time. A lot of these properties won’t come to the market, and then people going ‘damn, I missed it. We didn’t even know it was on the market’. We felt this was a great opportunity,” she said, adding that an auction gave everyone transparency.
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In November, a 1940s house at the eastern end of The Strand, Onetangi, sold in a private deal between family members before it was brought to market. The deal for the 900sqm corner site, across the road from well-known Waiheke watering hole Charlie Farley’s, was for $11.6m, nearly double its 2021 CV of $6.5m.
Lafferty said the buyers of her Beach Parade house had a relationship with Waiheke, describing them as “local and lovely”.
“The vendor is very happy, they were the best people to pass the baton to.”
She said she did not know what the vendor’s father had paid for the property 45 years ago, but said he loved Waiheke and the waterfront and the family had very happy memories of holidays there.
The waterfront Beach Parade bach is one of the few sites left on Oneroa, Waiheke, that is not developed. Photo / Supplied
The property still had many of its original features. Photo / Supplied
“It was very emotional to let it go, it wasn’t an easy decision.”
She said the island had had a busy and active summer for the property market across all the price points, with entry-level property and top-end places both moving very well.
“It’s possible to get an entry-level humble bach for under $1m, although at the 2021 peak there was never anything [at that price]. There’s just been so much to choose from across the board,” Lafferty said.
New Zealand Sotheby’s International Realty agent Lisa Hopewell agreed.
A two-bedroom house on Victoria Road North, near Onetangi beach, which she brought to auction earlier this month, sold under the hammer for $1.7m – $360,000 above CV.
She said demand was good for entry-level properties (which on Waiheke Island today means properties up to $2m) and there are a lot of new properties still coming on to the market.
“It’s really robust across the board. We’ve not got the silly red-hot market, people are still buying and selling but nobody wants to pay too much. That’s the thing with an auction, everyone can see.”
A two-bedroom house on Victoria Road North, Onetangi, Waiheke Island, sold for $1.7m. Photo / Supplied
Chris Jones, NZ Sotheby’s managing director Waiheke, said that this month four of the six properties the agency brought to auction sold – two under the hammer (the other was a three-bedroom home, on 1970sqm with sea views, on Giles Road in Palm Beach that fetched $1.756m), one before and one immediately after the auction. He said agents were about to launch auction campaigns for another two or three properties.
“It’s working really well on the market, helping us to crystalise who the buyers really are,” Jones said.
“The increased level of stock is getting people interested. Last year we didn’t have a market, there were maybe 40 listings, now there are 170-odd, 90 of those houses.
“It’s a lot better. Buyers are out engaging with the market, there are multiple options to choose from so they can get a better sense of price.
“If they’ve got multiple choices they’re more likely to make decisions,” he said.
“There’s still a reasonable amount of confidence, much more than last year.”
- Click here to find more properties for sale on Waiheke Island
