Coastal Property Still In High Demand
16 March 2005
Successful Auction In Hawke’s Bay Shows Coastal Property Still In High Demand
Harveys Hawke’s Bay sold all 14 coastal properties on Kairakau Beach at a recent auction held in Havelock North.
The auction attracted a crowd around 150, with many willing purchasers. 12 of the lots sold under the hammer with another immediately after the auction. The last site went within a few days. The market proved strong with all properties exceeding the vendor’s expectation in price.
According to Harveys Hawke’s Bay business owner, Paul Harvey, “the mood at the auction was extremely buoyant with spirited bidding from the first lot offered to the last.”
The Hawke’s Bay coastal settlement of Kairakau is nestled between the Mangakuri River estuary and the scenic rolling pastures of Elsthorpe, approximately a 45 minute drive from both Hastings and Havelock North. The properties are part of a subdivision development where buyers purchase an individual fee simple freehold section with appropriate covenants.
“One of the reasons this subdivision was so successful and attracted so much interest was because Kairakau Beach is one of those rare traditional kiwi beaches and the developer simply wanted that flavour to flow into the subdivision,” says Mr Harvey. “The vendors were not trying to create an elitist, top end development – but rather an opportunity to offer people the chance to buy a real kiwi holiday experience.”
According to Mr Harvey the covenants for the subdivision were not demanding, allowing purchasers to create typical ‘bach-style’ property’s in keeping with what is already there. “This of course enhanced the overall affordability to a wider pool of buyers,” he says.
As a result of a number of buyers missing out at the auction, Harveys Hawke’s Bay has received a number of inquiries from prospective vendors who are looking to benefit from the success at Kairakau. “It just goes to show that market confidence in Hawke’s Bay is still very much there,” he says.