Parade of prime properties

One of Mt Maunganui's most prestigious streets, Marine Parade, is undergoing a sales boom. Photo / Katikati Adviser

More than $50 million worth of prime property is on the market in one of New Zealand's most sought-after seaside streets.

At least 21 homes on Marine Parade, Mt Maunganui, are up for grabs, giving cashed-up buyers a chance to get a piece of paradise just steps away from what many consider New Zealand's best beach.

On Thursday, a luxury apartment with a valuation of more than $3 million was auctioned. The three-bedroom apartment at 81 Marine Parade sold for well under its CV at $2.09 million. Agent Jane Brown of Harcourts said the buyers were local people and the vendors were happy with the price reached.

But if you've got a few million to spare and missed out on No 81, don't despair. There are plenty more properties to be snapped up.

Mark Woodham of Professionals is marketing a $3.5 million dollar apartment - split into two dwellings - as the "best of the best". "It has a fabulous view along Mt Maunganui beach," says Woodham of the 198 Marine Parade property.

A $3 million house at No 37 is being sold by a private vendor for the first time in more than 40 years, as is a $2.5 million house at No 191.

The owner of a 1980s three-bedroom family home at 123 Marine Parade is selling up to move to the South Island after 19 years. The woman said she "absolutely loved" the beachfront spot and said it would make a great home or holiday house.

Julie-Ann Haskell of Premium Real Estate is selling two adjoining properties that she's marketing as "better than beachfront". No 36A Clyde St is on an elevated site above Marine Parade and 4/186 Marine Parade is next to it. The properties, which are listed at $1.15 million and $590,000 respectively, are set back from the beach but offer great sea views.

Haskell says the properties are "real do-ups" and expects the buyer will demolish them and develop. Haskell says more beachfront properties are coming on to the market in Mt Maunganui as spring arrives.

Sharon Williams of Professionals agrees. "As more people visit the Mount in October and November, we are expecting to see the traditional increase in spring/summer buyers," says Williams.

Last year that increase didn't happen because of the recession, but things are looking more positive this year, she says. "The market has stabilised over the last four to five months," says Williams. "There has been a significant turnaround."

But Simon Martin of Harcourts Mt Maunganui rubbished the suggestion there was a high number of waterfront properties on the market there. He said the number of $1 million-plus properties for sale is "no more than usual".

Ian Waite of Bayleys said there wasn't a lot for sale because people were holding off listing their homes until prices boomed again.

Waite has a luxury beachfront house listed at $5.5 million on Oceanbeach Rd, which joins Marine Parade at the south end of the road.

But it's still possible to get a beachfront property at the Mount for under $1 million. Williams is selling a townhouse at 47 Marine Parade for $790,000 - well under its $1.17 million CV. "It's a very well-priced property and a great buy for someone who wants to be on Marine Parade."

Next door at No 48, nine apartments are for sale in the new Vivaldi building, starting at $990,000. Peter Clarke of Bayleys says the three-level building has natural light and views to Rabbit Island.

Ian Millen of Professionals has a two-bedroom property listed for $979,000 in Cutters Cove, a building that has undergone extensive renovations to fix its leaky home problem.

Leigh Ham of Advantage Real Estate has a three-bedroom apartment in Cutters Cove for sale at $1.3 million. Of all the apartments in the Mount, this is the building with the most "toys", says Ham. "There's a lap pool, a driving range, a putting green, a tennis court and a gym," she says.

Despite the recession, new apartment blocks are still popping up in the Mount. The luxurious apartments at 11 Maunganui Rd, behind Marine Parade, are due to be completed this month, with the most expensive priced at $6 million.