Coastal property prices are spiralling out of control. Jonathan Milne reports on the boom and where it will hit next...
Bay of Islands, Whangarei, Orewa, Waiheke, Omaka, the entire Coromandel, Mt Maunganui, Tauranga, Gisborne, Hawke's Bay, the Kapiti Coast, Nelson, Banks Peninsula, the Catlins - such property is out of reach for most New Zealanders.
So is New Zealand running out of coastline? Already enterprising developers are churning out assembly-line canal townships to create more of the valuable commodity. Pauanui was the first canal resort, and the first residents moved into nearby Whitianga Waterways this year. Matakana Island in the Bay of Plenty, and Ruakaka in Northland, will be next to boast exclusive canal towns.
