Demand for holiday homes in Akaroa is high, but properties for sale are thin on the ground.
Since the first Covid-19 lockdown in 2020, Cantabrians have flocked to the seaside town, snapping up baches and driving up prices.
Akaroa’s average property value smashed the $1-million mark this year, and at the start of July was sitting at $1.031m, a jump of $163,000 on July last year and $333,000 on July 2020, according to the latest OneRoof Valocity house value figures.
But stock levels are low. At the time of writing, just nine Akaroa properties were listed for sale on OneRoof.
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Harcourts Akaroa agent Alan Nobbs has just two listings for the township at the moment. “We are still getting good enquiry, but it’s a lack of stock really.”
Since the lockdowns, there had been a “big splurge” in the number of properties sold, and Nobbs says people seem to have a bit of FOMO. “Going into Covid, we thought life’s over but [since the country came out of lockdown] it hasn’t slowed down.”
And with people tending to hold onto their beach properties for 10-15 years, there are not many more coming onto the market, especially in winter, which is always slower.
Sections in Akaroa are also rare and development sites non-existent due to district plan rules so people have had no choice but to buy existing properties, Nobbs adds.
A three bedroom home at 13 Monarch Drive, in Robinsons Bay, has an asking price of $839,000. Photo / Supplied
A five-bedroom home for sale at 13 Libeau Lane, in Akaroa. Photo / Supplied
“That tends to control the market as well because you can’t just go and flood the market with 200 sections and [let] people build.”
More than 90% of the properties in Akaroa are holiday homes, with the majority owned by people from Christchurch and the greater Canterbury area.
“Some people who have homes here, have a home here and then one in Wanaka or the Sounds or somewhere else and they take a journey to get to, whereas here they can just pop in after work.”
Prices in Akaroa start at around $500,000, for basic two-bedroom 1950s baches, but larger homes with views will typically fetch upwards of $800,000.
One of Nobbs’ listings, a three-bedroom, two-bathroom house at 13 Monarch Drive, in Robinsons Bay, has an asking price of $839,000, while a five-bedroom, two-bathroom home at 13 Libeau Lane that’s listed with Chris Mangels and Rob Berry, from Bayleys, is for sale by negotiation and looking for a similar spend.
Those wanting an exclusive waterfront location can snap up a two-bedroom apartment at 85J Beach Road for around the mid-$700,000s.
A two-bedroom waterfront apartment for sale on Beach Road. Photo / Supplied
Landmark sale: The ex-BNZ building at 73 Rue Lavaud. Photo / Supplied
One of the town’s most recognisable buildings, the former home of BNZ at 73 Rue Lavaud, is also on the market offering the potential to run a business from the ground floor of the category 2 heritage-listed property and live in the apartment above.
Akaroa is the premium location followed by the next serviced settlement of Duvauchelle. Houses on other less serviced areas such as Takamatua and places on the western side of the harbour like Wainui and Tikao Bay sell for at least $100,000 less, Nobbs said.
“You are further away; there are no shops, no service stations – it's a different market.”
Bayleys Akaroa agent Chris Mangels said while there were not many properties for sale in the French-inspired town at the moment, there will be more in spring due to it being a seasonal market.
Canterbury buyers who have more flexible working arrangements are realising how affordable and accessible “beautiful” Akaroa is compared to some other destinations, he said.
“Instead of perhaps arriving on a Friday night and leaving on a Sunday afternoon, they are finding they don’t need to be in the office five days a week. They can have Friday off and be in Akaroa, Thursday, Friday, Saturday, Sunday night, which makes it stack up a lot better,” he said.
“The proximity to Christchurch and people’s working hours make it a really desirable destination. It’s got a really well-infrastructured community, great schools, really good restaurants and cafes – everything you need is there. It’s quite a well-equipped small town.”
For those visiting the town, Mangels said there was a lot one could do including a sightseeing trip to spot the rare Hector’s dolphins or spending time at the upmarket Akaroa Cooking School.
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