- Coromandel Town property prices are 15% below peak, giving buyers greater choice and bargaining power.
- Waterfront homes start near $1m, while three-bedroom houses priced below $650,000 attract strong demand.
- An 1872 former headmaster’s residence is listed for $945,000, highlighting the town’s historic character.
A Coromandel real estate agent reckons he’s sitting on the town’s best buy – a waterfront property for just over $1m – while another agent is selling a home as old as the historic township itself.
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Richardson’s Real Estate agent Kim Radick told OneRoof the asking price for his listing at 2700 Wyuna Bay Road, near Coromandel Town, would have seemed unbelievable at the height of the market.
“You’ve got a two-bedroom, three-bathroom, large lounge, conservatory, double garage all for $1m. That’s very good going and with a cracker view,” he said of the 862sqm property which sits directly across the road from the beach.
The asking price is $815,00 below the RV. Compare that to the retro bach down the road that sold for $1.815m in 2022 – $815,000 above its RV at the time.
Like much of the rest of the country, Coromandel Town suffered sharp house price falls during the slump. Its average property value of $792,000 is 15% below peak, making it the most affordable town on a peninsula where prices can exceed $5m.
The property is on an elevated site with views over the beach, harbour and the ranges. Photo / Supplied
A four-bedroom home at 343 Te Kouma Road, in Te Kouma Bay, can be picked up for $1.9m. Photo / Supplied
Radick said the combination of softer prices and a growing number of homes for sale (there were 110 on OneRoof at the time of publication) had given first-time buyers and holiday-home hunters more choice and bargaining power than they had enjoyed in years.
“There is such a good selection of listings. For just over $1m, you can get some very nice holiday homes with great views.”
On the other side of the township, a modern three-bedroom home at 29 Kowhai Drive, just 340m from Te Kouma Bay, can be picked up for $1.15m.
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At the upper end of the market, a four-bedroom home directly across from Te Kouma Bay at 343 Te Kouma Road is for sale for $1.9m
Radick said buyers from the Waikato and rural South Auckland traditionally made up Coromandel Town’s biggest market. More recently, however, interest had also grown among Bay of Plenty buyers attracted by the northern Coromandel’s fishing, boating and family-friendly beaches.
“It’s been very popular with farmers and boaties and fisher people,” he said.
Meanwhile, he was also pleased to see young couples with budgets of between $500,000 and $600,000 buying in the town. “The one good thing from the market levelling is that it has allowed first-home buyers back in the market.”
Entry-level properties start at around $500,000 like this two-bedroom property at 74 Watt Street, in Coromandel Town. Photo / Supplied
A three-bedroom home on Kowhai Drive, in Te Kouma, has an asking price of $725,000 - $115,000 below RV. Photo / Supplied
Team Coro agent Rob Keatley agreed it was a good time to buy. Three-bedroom houses priced between $500,000 and $650,000 were in high demand, but two-bedroom homes were harder to shift.
Everyone was keen to get a bargain, although that wasn’t always possible. “Everyone in this market wants to be right on the beach with a three-to-four-bedroom for about $600,000. And I’m not a magician.”
The properties at the lower end attracted a mix of buyers, including newbies, bargain hunters, downsizers, holiday homeowners and investors, he said.
Entry-level properties include a two-bedroom property at 74 Watt Street on the market for $500,000 after a $20,000 price drop, and a three-bedroom home at 42 Kowhai Drive, in Te Kouma, for sale for $725,000, $115,000 below RV.
An 1872 villa on Rings Road is up for grabs for $945,000. Photo / Supplied
Keatley said buyers generally fell into two camps: those wanting to be within walking distance of Coromandel Town, where homes tended to be more affordable, and those willing to pay more to secure a property as close to the water as possible in one of the surrounding bays.
His colleague Becks Greenhill has just listed the former headmaster’s home at 1200 Rings Road for $945,000.
The property was built in 1872 as the residence of a mine manager, the same year Coromandel Town was reportedly established. Greenhill said the Auckland Education Board bought the property in 1879, and it served as accommodation for a succession of schoolmasters over the following six decades. More recently, it returned to private ownership and underwent an extensive renovation under its owner, a builder, several years ago.
“It’s a beautiful home. It’s got a lot of the original features and high ceilings. It’s going to have broad market appeal.”
Greenhill said there were lots of older character homes at the top end of town, including a two-bedroom cottage at 80 Oxford Terrace that was once home to the town’s undertaker. The price of the 1900s home has been reduced to $530,000.
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