KOWHAI COAST PROPERTY MARKET Fri Oct 14 2011.
There appears to be more market activity of late, particularly focused towards the lower to mid range residential properties say up to $450,000.
A few good buys in the rural residential market around Algies Bay, one being a waterfront
1.0 hectare property which recently transacted for $1,000,000. Previously selling at the peak of the market for $1,600,000. Another 2 hectare lifestyle block with views of Kawau Bay has reportedly sold for $450,000 with a prior sale back in May 2004 for $565,000.
In Warkworth sales of vacant sites in the township are generally selling from $150,000 through to $295,000 for the better appointed properties. Mid range is generally at or about $200,000.
A proposed 66 Lot subdivision is underway in Woodcocks Road / Mason Heights, small sections ranging from around 300 square metres up to around 700 square metres are proposed. Selling as land and dwelling packages. The first houses are planned to be completed later this year and plans indicate small two bedroom dwellings with single car garages.
The rural residential market around Warkworth, modern brick homes on smaller lifestyle blocks are generally transacting for around $700,000 to $800,000 with reasonable sale activity up to around $1,250,000 around Matakana for better quality homes.
In Point Wells there seems to be a flurry of activity for vacant sections, ranging from $260,000 through to $285,000. A 10 hectare block of horticultural land sold in recent months for over $1,300,000. Two properties onto the Whangateau Estuary have sold for $990,000 and $1,630,000.
In nearby Omaha, value levels have been trucking along fairly steadily with plenty of developed sales of quality homes in Omaha South selling above $1,000,000 back from the beach. A recent beachfront vacant site in Omaha South has sold for $1,900,000. Two high quality homes on lifestyle blocks overlooking the east coast have sold for $2,700,000 to $3,100,000 respectively.
We are aware of two prime coastal developed lifestyle block sales at $4,000,000 and $4,500,000 in the area in the past 12 months showing demand still exists at the upper end of the market.
Properties are continuing to sell even during the recession. If properties are realistically priced they are transacting on a reasonably frequent basis. Overall the lower to middle end of the market appears to have much more activity, which is not surprising, but recently there seems more enquiry from people requesting valuations “off plans” for proposed houses which is positive.
