Bach fetches more than $2m

A new high has been set in the property market with the $2 million-plus purchase of a bach on the Kaiteriteri waterfront.

A huge crowd gathered for the auction on Friday, at which former Nelson Mail owner David Lucas won out over about 10 other keen bidders for the bach, which had been owned by prominent Nelson family, the Rowlings, since 1913.

Bayleys Realty auctioneer Doug McKee said the $2,070,000 price fetched made it the most expensive bach in the Nelson region.

Mr McKee said he had expected the property to attract a huge amount of interest because of its unique location, being the only bach right on the beach, and because properties in the area rarely went on the market.

Because of the few sales it was hard to compare prices, but Mr McKee said the sale showed there was no slowing in demand for quality properties.

Mr McKee said the crowd of more than 1000 was the most he had ever seen at a property auction in Nelson.

"I've never seen a crowd this big in the 30 years I've been doing this."

Mr McKee started the bidding at $1 million. A handful of hopeful buyers, who looked more like they were dressed for the beach than a multi-million dollar business deal, were in the running.

Bidding dawdled for a few minutes before buyers got serious. At the $2 million mark interest dropped off and it looked like it was in the bag for one man until Mr Lucas made the final bid.

Mr Lucas said he was elated with the purchase, as Kaiteriteri was one of his and wife Jane's favourite spots and he was delighted to have a property right on the beach.

"It's the only place you can walk across the lawn and be on the beach."

The couple was not planning any changes to the modest four-bedroom dwelling and said it would remain a family bach.

"We have six children. I'm sure it will be well used by us all," Mrs Lucas said.

The previous owners, Helen Cloudesley and Mary Loose, who are the granddaughters of the late William Rowling, were ecstatic with the sale.

After four generations in the family, Mrs Loose said quite a few tears had flowed over some champagne to celebrate the sale.

For the past 59 years, Mrs Loose has spent about a month every Christmas at the bach with her parents, then her own children and grandchildren.

"There are so many memories, but it is time to move on.

"It's possible we may rent it if we are allowed, but not for a while. It will be hard, it's been a huge part of our lives. We are just happy it's gone to locals."

- NZPA