A new benchmark in Taupo

A further $9,375,000 worth of property in a lakeside residential subdivision at Four Mile Bay in Taupo sold at a buyers' choice auction of sections at Wharewaka Point, conducted by Bayleys Taupo Real Estate.

Sale prices for the 23 sections sold at or shortly after the auction ranged from $200,000 for a 651 sq m section to $1.1 million for a prime waterfront site with panoramic lake and mountain views - a new benchmark for waterfront sections in the Taupo market.

A total of 80 out of 110 sites available in Stage 1 of the Wharewaka Point subdivision have been sold at two whiteboard auctions for close to $30 million. The average sale price is $407,608.

Elaine Westerman, managing director of Bayleys Taupo Real Estate, says the results show there is still plenty of confidence in the Taupo residential market, particularly for premium sites near the lakefront.
She says the buyer profile was similar to that of the last buyers' choice auction, with approximately 40 per cent of the purchasers from Taupo, 2.5 per cent from overseas and the balance predominantly from Wellington, Auckland and other parts of the North Island.

Wharewaka Point is located near Taupo airport and runs down to the lakefront. When it is completed, the 21-hectare subdivision will offer 212 sections in a landscaped environment with access to the waterfront and boat launching facilities nearby.

Westerman says she received favourable feedback on the buyers' choice auction system, in which sections for sale are written on a large whiteboard, along with reserve prices, and registered buyers are invited to submit their bids on paper which are then written up on the board.
"We received some very encouraging comments on the whiteboard auction. Buyers felt the system gave them a total overview of the reserve prices for sections and also gave them time to review their bidding strategies," she says.

The Wharewaka Point development is being undertaken by Carrus Corporation. Paul Adams, owner of the company, says the Wharewaka Point project will be of very high quality with roading, landscaping and the entrance areas designed to enhance the Lake Taupo outlook and conservation reserve areas around it. There will be height restrictions in place on some sections to protect views.

He says site construction is on plan, with earthworks on track for completion in September, followed by the issue of titles in October/November.

Contact: Elaine Westerman, 021 817 441