Record price for Ohope coastal property
Wednesday 24 November 2004
An Ohope coastal residential property has sold at auction for a record $1.485 million.
By The LandlordFour months after July rainfall caused landslips to fall on several other properties along the street, six bidders demonstrated their faith in the escarpment's stability by pushing the property's price up-wards on Saturday.
Tauranga property developer John McColl was the eventual victor and he plans to use his prize as a holiday home, rather than for development.
Harcourts auctioneer John Glasse opened the bidding in front of 160 people at $800,000.
The unassuming two-level wooden home on the property is in "average condition" and set back from the road. The neighbouring property to the east is a reserve and in front is the glory of Ohope Beach and what must now be considered a million-dollar-plus view.
Despite media reports that real estate prices were easing "that's just not the case at Ohope", Mr Glasse said.
Read More - Opens in a new window
Commenting is closed
Periods of house price decline are rare and "short-lived", says economist Tony Alexander, amid forecasts of a drop of 10%-15% this year.
The Reserve Bank says the commercial property sector is vulnerable to the Covid-19 crisis. But PMG Funds' chief executive believes that while there’ll be short-term pain, the biggest long-term impact will be structural change.
Mortgage lending fell to its lowest level on record last month as the property market ground to a halt during the Covid-19 lockdown.