- Mount Maunganui has seen a surge in waterfront property listings, with nearly 200 currently for sale.
- Agents attribute the increase to economic factors, seasonal changes, and rising living costs, not the recent landslide.
- Well-priced properties remain in demand, with notable sales and interest from Waikato farmers and Aucklanders.
A flurry of waterfront listings in what is often dubbed New Zealand’s answer to the Gold Coast has some agents scratching their heads as to why there’s suddenly so many.
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There are almost 200 properties, including just over 20 on the waterfront in Mount Maunganui, listed for sale on OneRoof at the time of writing. That is a dramatic rise from previous years, where it wouldn’t be unusual for fewer than 10 waterfront homes to be on at any one time.
The deadly slip at the Mount Maunganui campground in January has had a massive impact on the area, with NZME reporting last month that the closure of the hot pools and the maunga walking track was significantly impacting businesses.
But agents told OneRoof they did not think the closure of the Mount was the reason for the increase in listings and instead pointed to a change in seasons, the economy and an overall trend in stock coming to market.
An entry-level beachfront property at 395 Oceanbeach Road, in Mount Maunganui, has an asking price of $3.65m. Photo / Supplied
The property has been owned by the same family since it was built. Photo / Supplied
Bower managing director Anton Jones had noticed a lift in waterfront listings in Mount Maunganui, but noted it was in line with lifts elsewhere in the region.
“Obviously, when the market changes, people change their thought patterns. We are coming into winter, and people think about selling when they are not using [their beach houses].”
The cost of living, including rising petrol prices, was putting pressure on some property owners. They had seen prices rise in the last five years and decided to cash in, he said.
“So some might be thinking, ‘I’ve got a $5m or $8m or $10m property and I don’t really need to have that much capital tied up in a property so maybe I do need to reassess things and look for a street back or whatever and it’s two thirds of the price and then I can use that other money for investments’,” he said.
Powers Realty principal Sandra Power said that almost 30 waterfront properties on the market seemed like a lot.
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She said it could be for a raft of reasons, such as family members deciding to sell generational properties and divide the money among families in the face of rising costs. “So people can actually use the money to live life ... So, combined with rising expenses because of rates, etc., there’s also the impact of the economy over the last few years as well.”
Power said it was unlikely the slips were the reason for more listings, as Mount Maunganui offered so much more than just the walking tracks. “It’s such a special place,” she said.
“We’ve got Pilot Bay, which is stunning, we’ve got such a long stretch of beach, and now we’ve got the boardwalk as well, which is amazing to bike and walk along. We’ve got downtown, which is beautiful, and there’s so much going on downtown with the cafes and restaurants and street scene.”
Well-priced properties were in demand and achieved good results, she said.
Bayleys is selling three apartments at The Reef on Marine Parade with prices starting at $1.125m. Photo / Supplied
Waterfront properties, even entry-level ones like 395A Oceanbeach Road, would always find buyers, but even properties in the downtown area, such 30B Pitau Road, or located a street back from the beach, were prized.
Bayleys Mount Maunganui branch manager Linda Greenslade said the growing amount of stock ranging from apartments for just over $1m to luxury waterfront homes gave buyers a lot of options, adding that the increase was not just specific to waterfront.
Greenslade could not pinpoint exactly why listing numbers had spiked and said there were “serious buyers” still around.
A 1960s cedar bach on a 1237sqm section on Oceanbeach Road in Mount Maunganui, which had an RV of $8.3m, has just sold. The exact price could not be disclosed until after settlement, but she said it was a “significant” sale.
Another notable sale was a townhouse on Marine Parade that fetched $5.45m in February.
A beachfront bach on Oceanbeach Road, in Mount Maunganui, was a "significant" sale this month. Photo / Supplied
A modern townhouse on Marine Parade sold for $5.45m in February. Photo / Supplied
“Well-priced quality properties are selling absolutely. We haven’t seen a drop in prices for sure, I think it’s just a fairly steady market at the moment.”
Greenslade said there was a definite increase in Waikato farmers looking for holiday homes, while Aucklanders continued to show interest in Mount Maunganui. Developers were also back in the running.
“We’ve been really busy. January, February, March and even April have been steady. I just don’t know why.”
Valocity senior research analyst Wayne Shum said sales were holding steady, with the number in the first quarter of this year only marginally down on the same period last year.
Shum said not all the waterfront locations in Mount Maunganui were the same.
“Marine Parade is more public and has to cross the street to be at the beach; some properties on Oceanview offer direct access and are much more private.”
- Click here to find more properties for sale in Mount Maunganui
