- Timaru boasts a rich history with attractions like Caroline Bay and affordable housing options.
- The town offers a strong “liveability-to-price” ratio, with diverse properties and short commutes.
- The market is buoyant, with demand for homes under $500,000 and new businesses opening.
Phar Lap is arguably the biggest celebrity to have emerged from the southern district of Timaru, which tends to fly under the radar compared to its quirky cousin, Oamaru.
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But the town of Timaru – a couple of hours between Dunedin and Christchurch – has a rich history outside horse-racing, boasting penguins, shipwrecks, a sandy beach once dubbed the “Riviera of the South,” a port, visiting cruise ships, and a spectacular, award-winning playground with its own website.
It also has affordable housing and a diverse mix of properties on the market. Ricky McLeod, a PGG Wrightson agent, was born and bred in Timaru and, while admitting he can be a touch biased, is a big fan of his hometown and the smaller towns nearby.
Timaru is the biggest town in a district of nearly 50,000 people, and not only does it have everything you need, but it also has something many larger New Zealand towns have lost, says McLeod – a sense of “ease”.
The commutes are short, the coastline is part of everyday life, the economy is diversified, the schools are well regarded, and there are some big-ticket infrastructure projects underway. Plus, Timaru had a strong “liveability-to-price” ratio.
Timaru is viewed by agents as an affordable coastal location with stunning water views. Photo / Getty Images
The striking Sacred Heart Basilica dominates Timaru’s skyline. Photo / Getty Images
“Buyers can still access family homes, character homes, coastal views and larger sections here at levels that would be extremely hard to replicate in Christchurch, Queenstown, Wellington or Auckland," McLeod tells OneRoof.
“That matters, especially for families and for buyers who are rethinking value after a few years of higher interest rates and cost-of-living pressure.
“It is a place where people can still build a very good life and only moments from the rugged terrain of the McKenzie district.”
South Canterbury feels undervalued to McCleod, who says Timaru’s waterfront has “enormous, untapped potential”. Caroline Bay (after a whaling ship) is an example of that, and is one of the most interesting parts of Timaru’s story.
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“Before the harbour works, Timaru’s coast had a reputation as a dangerous roadstead (a sheltered body of water),” McCleod explains.
“Te Ara records show that on August 27, 1873, three vessels were stranded in Caroline Bay and on September 1, 1878, four more vessels went ashore.
“Local historical material tied to the new playground, CPlay, says that from 1864 to 1892, 30 ships were wrecked or stranded off the Timaru coastline, with 22 wrecked, eight refloated and 15 lives lost.”
The repeat wrecks were a large reason pressure grew for proper harbour protection, and in the process of creating a safer port, currents then created a sandy beach beneath the cliffs.
McCleod says that by 1902, the foreshore of Caroline Bay was being deliberately developed as a seaside resort with tea rooms, bathing facilities and public amenities, and Cantabrians flocked there.
A four-bedroom home for sale at 1 Waimataitai Street, in Waimataitai, offers views of Caroline Bay. Photo / Supplied
“Caroline Bay is not just a nice local beach, it is a major lifestyle anchor for Timaru and, in my opinion, still one of the South Island’s most underrated waterfront settings.”
Three-bedroom homes, ex-state houses and older family homes can be bought for around $350,000 to $400,000, with suburbs like Highfield and Gleniti tending to hold stronger character stock and properties in substantial new developments and subdivisions often going in the mid-$500,000s and above.
Timaru also has an upper market, with some “genuinely impressive homes”, often located in elevated positions around the bay.
McLeod has several offerings overlooking Caroline Bay, including one with views of the basilica. “The combination of elevation, bay views, city lights, port outlook, mountain backdrop and proximity to town is very rare,” he says.
“The Basilica of the Sacred Heart is also one of Timaru’s landmark buildings, so when a home captures that in the view line it adds another layer of identity and character to the setting.”
Constructed by Aorangi Homes, this three-bedroom luxury home at 31 The Terrace has an RV of just over $2m. Photo / Supplied
His listing at 1 Waimataitai Street, which is for sale by negotiation, has an RV of $1.5m and sweeping views over the ocean, the bay, the city and the ranges.
31 The Terrace, which is also for sale by negotiation, has an RV of $2.05m. This home has a 256sqm floor area, three bedrooms, three bathrooms, two-car garaging and panoramic views over the bay, the snow-capped Alps and the port.
Relative to Timaru’s suburb medians, the properties clearly sit in the prestige bracket, says McCleod.
“That said, the reason they are sought after is not just the size or finish. It is the position. In real estate, a superior location is always difficult to replicate, and Timaru’s elevated bay-facing addresses are among the city’s most tightly-held.”
Julian Blanchard, from Team Blanchard at Harcourts, says the market is buoyant and has been for a couple of months.
First-home buyers are coming back, mainly because interest rates have stabilised and rents have increased, meaning properties under $500,000 are in good demand.
1 Evans Street, in Maori Hill, is a large character home with water views and an RV of $770,000. Photo / Supplied
“Sale volumes, like a lot of the country over the Xmas/New Year period, were down but are showing signs of increasing.”
The town’s job market and economy were still strong, with new businesses opening up and developments underway, meaning there were jobs, especially in agriculture and food manufacturing.
“We are seeing steady enquiries from out-of-town buyers across the price bands, with people moving to be closer to family who live in the area or for work and a fresh start.”
He said these buyers were also keen to ditch their mortgage.
Blanchard has numerous offerings, such as a four-bedroom, two-bathroom house with views across Caroline Bay, which is for sale by negotiation. It has an RV of $770,000 and is within walking distance of Caroline Bay and Bay Hill, where there is a great selection of eateries and cafes, Blanchard says.
“Downtown Timaru continues to grow in popularity as a place to live, and the main street is reflecting that shift with more food businesses and cafes opening up in place of traditional retail.”
In Geraldine, the landmark Forest Manor is looking for enquiries over $1.05m. Photo / Supplied
About half an hour from Timaru central is Geraldine, where LJ Hooker has a historic six-bedroom character home on the market for enquiries over $1.05m.
Forest Manor is understood to have been built by William Hearn Thomas, who was a former editor of the Geraldine Guardian.
The property is being marketed by Anne Weschenfelder, aided by colleague Rob Hollyer while she is away. Hollyer says the property has a “hell of a lot of character” and interest has been coming from as far away as Auckland.
The turn-of-the-century property has ornate fireplaces, a double-height verandah with intricate wrought-iron fretwork and is set on extensive, established grounds near the Talbot Forest Reserve.
Downstairs has a B&B suite with a formal lounge, bedroom and ensuite.
Hollyer says the views of Geraldine from the upstairs balconies are “pretty cool”.
Geraldine is one of the small towns within reach of Timaru, along with Temuka, home of the pottery, and Pleasant Point.
Hollyer is originally from Kent, to the south of London, and says he finds the region accommodating in most areas, from recreation to restaurants.
He married a Kiwi, and they moved to the area about 13 years ago. He loves it, he says. “The only mistake I made is I probably didn’t come soon enough.”
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