Run-down bach sells for $445,000
Thursday 2 December 2004
A run-down Waikanae beachfront bach has sold for $445,000 – $120,000 more than it fetched a year ago.
By The LandlordThe price was almost double the property's ratable valuation of $240,000 and reflects the soaring demand for waterfront property that has seen prices skyrocket around the country.
The Tutere St bach was auctioned on Saturday. A Bayleys Real Estate spokesman said there were four or five bidders for the bach, which was on a 696-square-metre section and had uninterrupted views to Kapiti Island.
It was bought by a Wellington couple who would use it as a weekend retreat and possibly build a new house there, he said.
The property was sold a year ago for $325,000. Before that it was owned by the same family for more than 70 years.
Read More - Opens in a new window
Commenting is closed
There’s no sign of a slow-down in Wellington’s property prices with Trade Me Property’s latest data showing that asking prices continue to rise solidly.
Auckland-based commercial property disrupter, Jasper, has raised $2.3 million in seed funding following investment from European asset manager M7 Real Estate.
LVR speed limits continue to have a "strong effect" on investors, according to CoreLogic, after the latest Reserve Bank data showed a drop in investor borrowing.