Fancy a holiday home in Taupo? An English couple did and they've just paid $950,000 for a place they'll maybe visit twice a year.
The days of the old-style Kiwi bach are numbered, at least according to the latest special report from the Real Estate Institute. For those of us who remember childhood summers at the beach and hanker for our own little bach, crib or beachhouse, the report makes sobering reading. A quick tour of the country shows:
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In Taupo, the little old bach in native bush and by the waterfront will set you back $200,000 plus. The top end of the market is $600,000 to $800,000 for a holiday home and luxury properties go for at least $1.5 million.
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The Kaiteriteri beach area, near Nelson, is being carved up into subdivisions with some sections valued at $250,000 for 700 square metres.
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There are few bargains left in the Marlborough Sounds, with little going for under $100,000 in the 'Golden Mile' (Picton through to the Queen Charlotte Sound). Some don't have power and can only be reached by a 50 minute boat trip.
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In Queenstown, there's a two-tier market with mainly international buyers going for the luxury spots. Top homes here range from $1 million to $3 million, as direct flights from Sydney help push up waterfront values. However, if $120,000 is more your price range, you'll get a small apartment in central Queenstown or, if you're lucky, an older-style suburban bach.
