Beachfront property sells for just $100,000 in Hawke's Bay's Haumoana

A beachfront property sold for just $100,000 on Friday. 

And experts warn there'll be a lot more coastal property "fire sales" as the impacts of climate change batter New Zealand's seaside communities.  

The ocean has swallowed half the section of the site in Haumoana and, after five years of ownership, Andy Colart is getting out. 

"[It's a] gorgeous piece of coastline and I'm moving on," he told Newshub. 

Gorgeous - but wild. The section used to have a bach but it was smashed up by big swells. 

All that remains is a battered bit of land that went under the hammer on Friday - ending in a surprise bidding war. It was sold via a phone bid to an out-of-towner. 

"There's not much you can buy for $100,000 these days so why not have a nice beachfront section?" auction winner James said. 

The listing offered the chance to own a piece of beachfront for a $1 reserve. 

But that didn't put the punters off. 

"There's so many people here defying the future and just living for the moment," Bayleys Real Estate agent Fiona Mackenzie said. 

"There was some genuine interest around all that, so I'm really, really thrilled actually," said Colart. 

He's now rid of the risk because with climate change increasing coastal erosion, areas like this are slipping into the ocean. 

It's a problem that's being felt nationwide and is predicted to result in more sales like this. 

Iain White, an environmental planning professor, said: "It's inevitable we'll see more of these kinds of sales - particularly where they have a very low level... like $1 reserve... to tempt buyers in - but you need to go into this with eyes wide open. 

"If you knowingly purchase land or property that you know is an unacceptable risk then you can't expect the taxpayer to bail you out in future."