Bay's most expensive homes

A luxury penthouse apartment bought by car magnate Colin Giltrap for a cool $5.5 million has topped a list revealing the Western Bay's biggest house sales of 2010.
The June sale of the 400sq m penthouse in the southern tower of Mount Maunganui's new Eleven high-rise development was also the highest price ever fetched for an apartment in the region.
The flashy apartment came with breathtaking views of Mount Main Beach, a home cinema, two lounges, four bathrooms, an imported Italian kitchen, parking for eight vehicles and an infinity swimming pool on the rooftop nearly 50m above the street.
Estimated to be personally worth $300 million, Mr Giltrap bought the apartment to use as a weekend retreat from Auckland with his friends and family.
According to QV, the next-biggest Western Bay sale was an elevated, modern home in Oceanbeach Rd which sold for $2.65 million in January, while a two-storey home in Marine Parade went for $2.5 million in April.
Half of the homes in the top 10 were sold in Oceanbeach Rd, although the list did not include the Oceanbeach Rd home snapped up for $2.26 million - just above its capital value - last month.
The other properties on the list were located in Papamoa's Motiti Rd, Mount Maunganui's Te Ngaio Rd and Pah St in Matua.
The cheapest buy of last year was a $110,000 house bought in Waihirere Rd on Matakana Island, followed by a home bought for $115,000 in 13th Ave and a property picked up for $120,000 in Sherson St, Gate Pa.
QV put the average price of a Western Bay home during 2010 at $372,193 - marginally cheaper than the average of $374,359 last year, but up on 2008's figure of $367,057.
A breakdown showed 2010 average house prices of $407,358 for Mount Maunganui, $339,371 for Tauranga and $381,333 for the rest of the Western Bay.
Based on current median capital value of the all houses on a street, the top 10 addresses, in order, were Marine Parade and The Mall in Mount Maunganui, Motiti Rd in Papamoa, Shaw Rd in Waihi Beach, Strange Grv in Matua, The Esplanade in Waihi Beach, Taylor Rd in Papamoa, Harbour Dr in Otumoetai, Sunbrae Grv in Mount Maunganui, and The Loop in Waihi Beach.
Among the bottom 10 were Rereatukahia Pa Rd in Tahawai - the cheapest with a median house value of $160,000 - as well as Manoeka Rd, Harris St and Seddon St in Te Puke, Hampton Tce and Oxford St in Parkvale, Lyndhurst Ave in Maketu, Dingadee St in Welcome Bay and Rauhea St in Brookfield.
While Tauranga remained one of best places in the country to own property, the chance of any big increase in property values this year was unlikely, QV.co.nz research director Jonno Ingerson said.
There were signs of a "late flurry" of sales activity in the closing days of last month, which could continue this year, but Mr Ingerson said it would be "some time" before activity bounced back to its previous vibrancy.
Looking back on 2010, Mr Ingerson said a burst of new listings led to more sales early in the year, but sales numbers had dropped away steadily since March.
"The property market slowed considerably once it became clear that the May Budget was going to change the tax treatment for investment property, and there were going to be personal tax cuts.
"For most of 2010 people have been focussing on debt reduction rather than spending. There has been an abundance of properties for sale but few motivated buyers."
Values in Tauranga held up better than most of the other main centres.