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Big bikkies for beach baches

Many Kiwis are now seeing coastal land as a first-class investment, while "absolute beachfront" properties in particular are fetching some colossal prices.

Wednesday, February 28th 2001, 2:08PM

by Paul McBeth

Many Kiwis now see coastal land as a first-class investment, while "absolute beachfront" properties in particular are fetching some colossal prices

Many Kiwis are now seeing coastal land as a first-class investment, while "absolute beachfront" properties in particular are fetching some colossal prices.

The latest bulletin from Bayleys Research lists some recent sales for beachfront properties near Auckland, including:

  • A basic bach with a long drop on 945 sq m at Beach Parade, Oneroa, Waiheke Island: this sold for $700,000.
  • A fibrolite bach on 1,179m at Kuaotunu near Whitianga: $614,000.
  • A house at Omaha (an easy drive from Auckland) on 1,018 sq m sold for $1.2 million. Bayleys says that Omaha properties that are on the beach and have good views are selling for well over $1 million, while houses one row back - even those with beach access - are selling for $500,000 to $600,000.

Bayleys Research says that more and more New Zealanders are realising that their beachfront house is not just a holiday home but that it's fast becoming the family nest egg. It says that the value of prime beachfront sections can now be worth two or three times more than a section one back from the beach.

"In essence, a two-tier market has evolved as a result of limited supply and excess demand for prime beachfront properties.

"While this demand is strong around out-of-Auckland beaches, similar markets have evolved around Wellington and Christchurch."

 

 

 

Paul is a staff writer for Good Returns based in Wellington.

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Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
ANZ 6.74 5.99 5.99 6.29
ANZ Special - 5.49 5.39 5.79
ASB Bank 6.75 5.99 5.99 6.39
ASB Bank Special - 5.59 5.39 5.45
BankDirect 6.75 5.99 6.09 6.39
BankDirect Special - 5.59 5.39 ▼5.39
BNZ - Mortgage One 7.15 - - -
BNZ - Rapid Repay 6.74 - - -
BNZ - Special - - - -
BNZ - Std, FlyBuys 6.74 5.49 5.39 5.55
BNZ - TotalMoney 6.74 - - -
Lender Flt 1yr 2yr 3yr
Credit Union Auckland 6.70 - - -
Credit Union Baywide 6.45 5.95 5.99 -
Credit Union North 6.45 - - -
Credit Union South 5.75 - - -
eMortgage 6.04 6.15 6.69 7.19
Finance Direct 6.10 6.45 6.69 7.10
First Credit Union 6.45 - - -
General Finance 5.95 6.25 6.50 7.10
HBS Bank 6.65 5.69 5.39 5.69
HBS Special - 5.59 5.19 5.49
Heartland 6.70 7.00 7.25 7.85
Lender Flt 1yr 2yr 3yr
Heretaunga Building Society 6.70 5.70 5.40 -
Housing NZ Corp 6.74 5.70 5.99 6.29
HSBC Premier 6.84 5.65 5.65 5.65
HSBC Premier LVR > 80% - - - -
HSBC Special - 5.29 5.29 5.29
ICBC 6.75 5.99 6.39 -
Kiwibank 6.65 ▼5.59 6.09 6.29
Kiwibank - Capped - - - -
Kiwibank - Offset 6.55 - - -
Kiwibank Special - - 5.39 ▼5.39
Liberty - - - -
Lender Flt 1yr 2yr 3yr
Napier Building Society 5.80 6.00 6.70 -
Nelson Building Society 6.95 6.15 6.60 -
NZ Home Loans 6.85 6.09 6.40 6.29
Perpetual Trust 7.70 - - -
Resimac 6.59 5.88 5.86 5.90
SBS Bank 6.65 5.69 5.39 5.69
SBS Bank Special - 5.59 5.19 5.49
Silver Fern 5.95 6.10 6.55 7.05
Sovereign 6.85 5.99 6.09 6.29
Sovereign Special - 5.59 5.39 ▼5.39
The Co-operative Bank 6.70 5.59 5.39 ▼5.49
Lender Flt 1yr 2yr 3yr
TSB Bank 6.74 5.70 5.70 6.00
TSB Special - - 5.35 5.60
Wairarapa Building Society 6.20 5.75 5.95 -
Westpac 6.59 5.99 5.99 5.99
Westpac - Capped rates - 6.74 6.99 -
Westpac - Offset 6.59 - - -
Westpac Special - - 5.39 5.89
Median 6.70 5.81 5.95 5.89

Last updated: 23 April 2015 9:40pm

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