Waterfront properties cost 300 percent more

Waterfront properties cost 300 percent more

Absolute waterfront - your own beach access and fantastic views in the most exclusive parts of town - how much extra do people pay for the privilege?

Newshub has been digging into the Auckland data on the top 500 waterfront homes and found the rich pay up to 300 percent above the average price in the same suburb to live by the water.

So while the average Auckland house price has topped $1 million, the average value for absolute top-end waterfront is $4.69 million.

One Westmere waterfront home is being marketed by Andrew Wall for more than $9 million.

"New Zealand is a pretty sensational spot. It is a knife blade in the middle of the ocean so we have more coast than most," says Mr Wall.

Four bedrooms, four bathrooms, 465 square metres is not what makes it so expensive - it's that 300 percent premium to own the view.

Property data website Homes.co.nz has crunched the numbers on 500 absolute waterfront homes - no road between you and the water. The most expensive area is Herne Bay, with an average of $6.74 million.

This is followed by Hauraki - on Takapuna beach - at $5.98 million.

And they don't sell often.

"There's been only 42 properties of that data set of about 500 homes in Auckland, so it's pretty tightly held," says Jeremy O'Hanlon of Homes.co.nz.

When they do sell, it's for eye-watering numbers.

The biggest sale was for an 800 square metre home on a 4000 square metre Herne Bay cliff top. It sold last year for $24 million.

And the returns are impressive.

"There's property sales that we are seeing on homes that are $1 million a year in capital gains. Yeah, there's a bunch of them," says Mr O'Hanlon.

So who is buying?

"As the world gets crazier and crazier, New Zealand looks more attractive," says Mr Wall.

"We've got buyers coming in from all over the world, so while it seemed like a rarefied atmosphere at the top I think it has become more and more populated."

If you are tempted to splurge, don't forget the rates, at $19,000 a year for one Westmere waterfront. But if you can afford $9 million, who cares?

Newshub.

Share to Facebook Share to Twitter Share to Email
Share to Facebook Share to Twitter Share to Viber Share to WhatsApp Share to Email