10 Kinloch Road, in Kinloch, near Taupo, has broken price records. Photo / Supplied
10 Kinloch Road, in Kinloch, near Taupo, has broken price records. Photo / Supplied
Baches in two of New Zealand's best waterfront locations have sold for big sums in the past seven days.
In Kinloch, on the edge of Lake Taupō, a three-bedroom 1970s home at 10 Kinloch Rd sold for $4.075 million on Friday - more than $1m above the reserve and, astonishingly,more than $2.6m above its 2019 rating valuation.
Bayleys agent Helen Webb, who brought the property to market with her colleague and son Rowan, said the buyer was a Wellington homeowner wanting a bach.
Nine other bidders competed for the house, starting at $2m and quickly passing the reserve.
Webb said waterfront properties like 10 Kinloch Rd rarely came to market and the $4.075m sale price was a record for the town.
Kinloch house prices have risen sharply in the past 12 months. OneRoof's latest figures show a 20 per cent year-on-year surge in the town's median property value, from $765,000 to $915,000.
The bach is the only two-level home in Kinloch. Photo/ Supplied
The 10 Kinloch Rd sale shows demand at the top end of the market has put pressure on prices. The previous highest settled sale for the 12 months to January 15 was $2.1m.
"We are a holiday destination and generally people look to retire here in the future," Webb said.
Thanks to planning changes, 10 Kinloch Rd is the only two-storey lakeside property in the town, sitting on an 801sq m section.
Webb said it had lots of potential.
"People are investing in their own piece of Aotearoa."
Another waterfront bach feeling the heat was 13 Grace Ave, in Mt Maunganui, Tauranga.
A two-bedroom 1920s-build bach in Mount Maunganui sold for $3.51 million. Photo/ Supplied
The modest-looking 100sq m home on 809sq m about six houses back from the beach sold under the hammer on Wednesday for $3.51m - more than double its 2018 rating valuation.
Bidding at the Bayleys auction started at $2m and quickly shot past the reserve price of $3.25m.
Listing agent Sharon Hall said the 1920s bach had been owned by the same family for more than four decades.
"The current family has decided now is the time to pass the treasure to the next family. They will take their family album and memories with them," she said in the marketing.
Vintage baches on big sections in Mt Maunganui and nearby Papamoa Beach have commanded top prices in the past 12 months.
In September, Hall sold 223 Oceanbeach Rd, a 1940s bach with a $5.24m rating valuation, for an undisclosed sum.
