Confirmation that owning a bach is now a dream for the vast majority of New Zealanders comes with the news that price tags have reached $1 million or more in even the smaller Bay of Plenty communities.
Wednesday, April 20th 2005, 8:19AM
by The Landlord
Coastal prices have almost doubled in just two years and a Bay of Plenty Times survey of the seaside strip from Waihi to Ohope has found seven-figure sums are now the norm.
The baches and homes are being snapped up by people from Auckland, Hamilton, Rotorua and Tauranga, many of whom are using them only during the Christmas-New Year holidays and long weekends.
Warren Lambess, manager of real estate agents Harcourts Te Puke, said it was surprising how much beachfront properties had jumped in value. Much of it was driven by overseas buyers.
People were now looking further afield for cheaper properties, only to find slim pickings.
