- A two-bedroom leasehold bach in Cape Palliser is priced at $150,000 and attracting strong interest.
- The ground rent is $800 a year, including council rates, with renovation options available.
- A freehold bach in the area is also for sale at $420,000, offering ample parking space.
One of the cheapest baches on the market right now – a two-bedroom escape in Cape Palliser, South Wairarapa, priced at $150,000 – is attracting strong interest, including from expats.
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The catch is 1475 Cape Palliser Road is leasehold, but PGG Wrightson listing agent Liz Ryniker said that’s not really a catch.
The ground rent, she said, is $800 a year, and includes council rates. “It gets you into a property you normally couldn’t afford. It’s a Maori lease, which are really good leases.”
Ryniker has sold eight such leasehold properties in the last 30 years: “I very rarely sell them twice because people just [hold onto them]. They just keep it in the family. Why wouldn’t you?”
The property boasts clear views of the water, but is on leasehold land. Photo / Supplied
Getting a mortgage for a leasehold property can be difficult, and buyers require trust approval, but Ryniker said she has never had anyone knocked back.
“They normally just supply a reference or two references, and they meet with the trust, and it’s great – fish right outside the door. We get really good snapper, we get good crayfish.
“You can live there permanently. You’ve got rubbish collection, you’ve got a flush toilet, good access to Wi-Fi and Sky.”
Ryniker said leaseholders can renovate their properties, and in this case, even remove the house and put a tiny home on the site.
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The bach hit the market on May 15 and within just a few days had managed to attract considerable interest, including from Kiwis in the UK and Australia.
Ryniker said 1475 Cape Palliser Road was an affordable proposition for expats looking for a home base.
And because the property has a price tag, it’s a case of first in, first served: “If you put the offer in there’s a good chance it’ll be accepted.”
The listing described a large open-plan family area, two bedrooms, a separate bathroom and glass sliders that open to a sun deck affording views over Palliser Bay to the snow-topped South Island and Cook Strait.
“Room for your big boat, car and the quad bike. Launch a tinnie right across the road to set a crayfish pot or fish for snapper – butterfish and so much more.”
A freehold property at 4A Te Miha Crescent, in Cape Palliser, has a $415,000 price tag. Photo / Supplied
Cape Palliser is about an hour and a half from Wellington by car, postal delivery is five days a week, and groceries can be bought from Martinborough, along with some pretty nice wine.
Ryniker also has a freehold bach for sale in Cape Palliser for $415,000.
The property was “immaculate” with plenty of room, she said, adding that not many beach houses have room to park the boat, the quad bike and three cars, but this one did. “Most places you can only get one car up the drive and that’s it.”
Her listing described the one-bedroom property with a sleepout as an ideal fisherman’s retreat. “This is a great place to get away from it all and just kick back and relax or for affordable holidays for a lifetime – this is what childhood memories are made of.”
- Click here to find more properties for sale in South Wairarapa
