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4.5 Million Dollar View!

Good news for real estate - amazing result at Cooks Beach.

Despite real estate markets struggling across the country, Mercury Bay continues to prove extremely popular as people put more value on lifestyle and choice of where to live than ever before!

Proof of this is the recent sale of a Cooks Beach property which fetched a whopping 4.5 million dollars.

The Bayleys Coromandel listing, 899D Purangi Road in Cooks Beach ticked all the right boxes boasting stunning ocean views as well as offering a quiet, private location still close to the beach. Add six bedrooms, three bathrooms and multiple living spaces and you have a property that generates a lot of interest.

After 46 enquiries during four weeks of marketing with six open homes, 24 viewings were carried out in total.

A pre-auction offer was received which was acceptable to the Vendor at $2.9m and this resulted in bringing the auction forward by one week.

Very competitive bidding at the Bayleys Auction saw the price climb a further $1.6m, eventually selling for $4.5m.

The campaign was a testament to the strong demand for quality Coromandel Real Estate despite the pain the Real Estate market is feeling around the country.

Bayleys Salesperson, Belinda Sammons, who marketed the property alongside Kylie Pullen said, “Bidding was the most competitive we have seen for some time, with bid increments as high as $400k and an average bid of $123k, showing just how strong the appetite was to acquire that stunning view.”

Kylie Pullen commented that, “Having three buyers competing for the property in the room, also showed the number of potential buyers in the market. We now have two very frustrated underbidders with budgets more than $3million who are determined to have a family Christmas in Mercury Bay. They have little to choose from in the market!“

The buyer is from the Bay of Plenty and purchased the property as a holiday home.

“Shaun Paterson, Director at Bayleys Coromandel said, “Although the market is in a very different place to what it was 12 months ago, we continue to see a depth of demand for good quality coastal property. Post pandemic, people continually place more focus on lifestyle with many Auckland and Waikato based buyers exploring opportunities across the peninsula.”

Stephen Shale, the Bayleys auctioneer, said he was only aware of two other sales that achieved more value over the pre-auction offer price for New Zealand this year.

This is good and positive news, the market is moving. All real estate in this area can take encouragement from this sale; the future is hopeful and the roll-on effect can be prosperous for the whole region.

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