Harveys Smashes Million Dollar Barrier In Gisborne

Harveys Smashes Million Dollar Barrier In Gisborne

After Beachfront Property Tops $1.7 Million At Auction

Auckland, 30 March 2005: Gisborne’s property market received a major shot in the arm last week with the first residential property to exceed a million dollars on the open market, selling for $1.7 million.

According to Philip Searle, owner of Harveys First City Realty, the sale of the beachfront site on Gisborne’s famous Wainui Beach gives new meaning to the popular industry buzzwords - ‘location, location, location.’

“It reinforces the worldwide trend which has now become prevalent across New Zealand where interest in quality coastal properties is reaching unprecedented levels,” he says. “While this price is high for this part of the country, a number of people have only just discovered the beauty that is Gisborne.

“We are reasonably confident that with the right properties backed up by the right marketing, prices topping the $1 million mark can definitely be sustained in Gisborne.”

While the previous highest sale price on the open market for a residential property in Gisborne was $975,000 - back in October 2003 - the agent who took the Wainui Beach property to market, Neil Walker, says that was very much a “soft” figure.

“Previously properties like this around Gisborne seldom went to market as they invariably sold by word of mouth,” he says. “So this was the first genuine sale of this kind for some time, and it just shows what you can achieve on the open market.”

The 1620 sqm site, with a wide 23 metre frontage, has the potential for future development and he says the vendors, who had lived in the 4-bedroom fibreboard dwelling for 30 years, were looking to retire.

While Mr Walker admits the price achieved at auction of $1,710,000 “exceeded their price expectation it reflected the considerable interest the property attracted from Gisborne residents and other New Zealand investors.”

Harveys First City Realty is also marketing Highgate Estate, a 65 hectare property with a luxury rimu homestead and 1 km of white sandy beach adjacent to Nick’s Head, which is going to auction on June 2. The property, which has attracted widespread interest, is expected to reach as much as $5 million.

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