A wealthy businessman has sold his large coastal property in one of the Coromandel’s most coveted locations for a record-breaking $6.65 million and is switching it for an even bigger holiday home closer to Auckland.
Steve Owen’s six-bedroom, five-bathroom holiday home on Bonanza Place, in Pauanui, sold in 17 days of hitting the market in January, making it Pauanui’s most expensive home and the Coromandel’s second most expensive.
The Bonanza Place sale, which has only recently settled, smashed the previous record held by a four-bedroom bach on Prescott Place, which sold for $6.1m in February 2023.
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However, the impressive sale price has fallen shy of the Coromandel record of $7.41m, which is held by a four-bedroom bach in Whangamata. The beachfront property was bought off-market by the owners of the bach next door in 2021.
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Owen told OneRoof he had owned the beachfront home for 30 years and had many happy memories of family holidays there. The property had an original Lockwood home on it, which he replaced within a few years of owning it with a larger two-storey Lockwood home.
In 2022, it underwent a major renovation to modernise it and maximise the living areas.
Owen said he was happy with the $6.65m sale price considering it was a record sale price for Pauanui.
The Bonanza Place property was marketed as one of Pauanui’s “finest luxurious holiday homes” that was the “epitome of coastal luxury”.
Richardsons Real Estate salesperson Hayden Roe said the high-spec renovation, indoor-outdoor flow, views over the Pacific Ocean and outer islands and the ability to cater for large families were reasons why it scored such a high price.
Most of the buyers were looking for a new holiday home including the new owner, and 90% of those interested already had some form of association with Pauanui, Roe said.
The two-storey Lockwood home underwent a full renovation two year ago. Photo / Supplied
The light and modern property had impressive views of the Pacific Ocean. Photo / Supplied
Roe said beachfront properties still attracted a lot of interest despite overall enquiry being slow.
“However, we are still seeing sales, with six sales throughout the Pauanui town for the month of March – this is only a small percentage when you compare to the amount of properties for sale in town.”
Harcourts Pauanui business owner Alyce Rowe said beachfront homes were still getting the highest prices in the town, followed by those on the waterway.
An older bach on McCall Avenue fetched mid-$4m last year which was about the entry-level price for beachfront, she said.
“I find beachfront tends to attract a new audience as well ... they are from all over New Zealand.”
Rowe said in January there had been two types of buyers – those looking for the cheapest properties in Pauanui for under $1m and those wanting high-end homes over $3m.
“And the sales reflected that because the sales were either waterways or high-end beachfront and a couple of real little entry-level baches that were about $1m. There was just nothing in that mid-$1m to $2m – there was just no interest or sales in that market.”
Those buyers dropped off in February and March, but they were starting to return now, she said.
“It’s a very price-driven market.”
And while the town had just nabbed its highest price, she said it was still more affordable to buy on the water in Pauanui than it was in Whangamata.
“You get better value for your money on our beachfront.”
Meanwhile, a brand-new luxury home at 100 Pipi Road in Whangamata, that is expected to break the area’s record when it sells, is still listed for sale on OneRoof despite the tender closing at the start of March.
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