- A vintage bach in Whangamatā sold "as is, where is" for $8.5 million, setting a new record.
- The four-bedroom home on Beverley Terrace had been in the same family for over 50 years.
- The sale surpassed the previous Whangamatā record of $7.85 million set in August last year.
A vintage bach has sold "as is" for $8.5 million, setting a new house price record in Whangamatā.
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The four-bedroom beach home, which sits on a 1712sqm section on Beverley Terrace and has an RV of $7.8m, had been owned by the same family for over 50 years. It was one of the last undeveloped chunks of beachfront land in the wealthy Coromandel town.
There were five registered bidders at the Bayleys auction on Thursday. The bidding kicked off at $7m, but it quickly became a two-horse race.
Bayleys auctioneer Stephen Shale announced the property on the market at $8.3m and, after two further bids, it sold for $8.5m. A total of 15 bids were placed.
Shale told bidders at the start of the auction that the property was being sold "as is", noting that Beverley Terrace was “arguably Whangamatā’s best street”.
The owners bought the section and built a block home on the site in the 1970s. Photo / Supplied
Early interest in the property was from people looking to split the section in two and build two homes there. Photo / Supplied
Bayleys listing agent Dale Sholson told OneRoof last month that early interest in the property had come from buyers wanting to split the large site into two. "Basically, they recoup some of their money by selling one off or building two homes.”
The owner’s family earlier told OneRoof that it had been an amazing property and their mother’s permanent home since the late 1980s.
However, a change in circumstances and the need for more assistance meant the owner was now moving to a retirement village in the Waikato.
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The woman’s late husband had some firm ideas about what should happen with the property. One was that she should sell it, and the second was that they would not subdivide it while they owned it.
“Mum and dad saw [other] properties cut up, and they were determined not to do that to 224. It is the last undeveloped beachfront section in Whangamatā, and mum now wants other people to enjoy it.”
This week’s sale trumps the previous sale price record in Whangamatā of $7.85m, set in August last year by an architecturally-designed home also on Beverley Terrace.
A modern beachfront home on Pipi Road, which sold at the start of 2024, has been tipped to be the town’s most expensive, but the price has never been made public.
Sholson is also selling another beachfront property at 106 Pohutukawa Crescent, in Whangamatā, for less than RV. The seven-bedroom, two-bathroom property has an asking price of $5.995m and, like Beverley Terrace, has been in the same family for more than 50 years.
- Click here to find more properties for sale in Whangamatā
