This holiday home on the beachfront at Pauanui has been renovated to the tune of $800,000.
This holiday home on the beachfront at Pauanui has been renovated to the tune of $800,000.
Open home in Pauanui draws hundreds
A stunning beachfront holiday home has had a record-breaking 1,800 people through during a series of open homes as Kiwis rekindle their love affair with coastal property.
The agent marketing the Pauanui Boulevard property in Coromandel said the volume was a sign buyers had more disposable income and were looking to holiday homes - a market that slumped after the global financial crisis.
Bayleys agent Paul Walker recorded an average 200 people through each open home at the recently renovated property on Pauanui Beach.
"It is a fantastic property but we were still amazed at the number through," Walker said.
"There has been a big increase in the number of people calling specifically to say they are in the market for a holiday home."
Walker said there was a lot of interest in the home that started as a basic house and was partly removed and rebuilt over winter. It had been transformed from "an ugly duckling into an absolute gem".
The four-bedroom home has two living areas and expansive decks that step down to lawn that runs to the sand.
Most rooms have beach views and downstairs a rumpus room/lounge, bedroom and designer bathroom have direct access to the shore.
The property has a CV of $1.6 million. However Walker said that did not take into account the $800,000-plus spent during the recent rebuild.
"It is the type of property you can just come and enjoy, there is nothing to do, so it is the ultimate holiday home," he said.
Beach views from the living area.
QV home valuer Jeff Robinson said coastal properties had had a good lift since the financial crisis in 2007-2008.
In Mangawhai, 80 minutes' drive north of Auckland, the average e-valuer result for residential property was $421,400 compared to $405,500 in January 2007 - an increase of 4 per cent.
"We see this as part of the 'Auckland effect' and we are now seeing a lot of people from Auckland using their equity to buy holiday homes in Mangawhai, commuting from there or retiring there," Robinson said.
Andrea Rush from QV said values in many coastal areas had not recovered to levels reached in the previous peak of late 2007. Those closer to Auckland had been quicker to recover, she said.
On Waiheke Island values decreased after 2007 but have since recovered, particularly during 2013.
QV.co.nz e-valuer figures show the average value at Oneroa is now $837,250, 21 per cent higher than in November 2007 and up 11 per cent year-on-year. The average value in Onetangi is now $926,600, an 11.4 per cent increase since November last year and 24.8 per cent higher than November 2007.
