A beach property in Mount Maunganui that has been owned by generations of the same family for about 40 years has sold at auction for $1.86 million.
The sale of 23a Oceanbeach Rd was an end of an era for the family who parted with the property they had holidayed at for years.
Speaking on behalf of the family, David Firth said the sale was "certainly a very pleasing result but a little bit bittersweet".
Firth said the property was in his late wife Linda's family since her grandfather owned the land in the early 1940s. Linda's mother still lives across the road on land also owned by her grandfather, he said.
"My wife and I spent a lot of time over the summers there going back a number of years," he said. "It was a very special place."
Linda died from ovarian cancer a little more than two years ago and her husband said it became time to sell the property.
"It was a bit of an end of an era," he said.
Firth, who was married to Linda for 40 years, said his wife's parents built the flats in the late 60s and she used to holiday there with her family.
One of the flats was tenanted and they left the other as a holiday home for the family, who lived in Paeroa, to visit during the summer break.
The property is owned by Linda and her sister Susan Smith and Firth hoped the new owners would get as much enjoyment out of the property as his family had.
Kay Ganley, the Bayleys agent who marketed the 607sqm property said it fetched the price it did becauwe of its proximity to the beach.
"It's quite unique as it's so close to the beach and has shared beach access on the title," she said.
Ganley said the property was snapped up by an Auckland buyer who beat three active bidders in the auction room.
"It was obviously very sought after. The property has been in the family for about 40 years."
She said Mount Maunganui beach properties were always popular among Aucklanders, particularly young families.
"It's quite common to have an Auckland buyer as they are coming down here to live the life."
The property has two dwellings with two bedrooms and a bathroom in each. The two-storey dwelling has storage and a double garage with beautiful views from the balcony.
Chief executive of the Realty Group, which operates Eves and Bayleys, Heath Young, said they were still seeing excellent results for well-marketed properties with "desired attributes" including proximity to beaches.
"Buyers from outside the region will continue to seek out value for money for beachside living that exists in the Mount and Papamoa when compared to big cities like Auckland."
There is a huge demand for beachfront properties in Mount Maunganui and buyers tend to pay a premium for them, largely because they are tightly held.
Last year a rare piece of undeveloped beachfront land on Oceanbeach Rd that had not been on the market in 50 years and had a rating valuation of $4.1 million sold to a developer.
TYBI Limited bought the land at 313 Oceanbeach Rd, which had been vacant for about 50 years, and had plans to subdivide it into four sections.
The median value of homes in the suburb is $810,000, according to the latest OneRoof-Valocity house price figures. The suburb's highest sale price so far this year is $2.325 million, short of the $6 million recorded in 2019.
OneRoof editor Owen Vaughan said the sale of 23a Oceanbeach Rd showed just how in demand prime real estate in Mount Maunganui was.
"Those who sat on properties for loads of time really are sitting on gold mines."
Vaughan said people were willing to pay high prices for property in prime locations.
"Oceanbeach Rd has been the centre of so many high sales. Even empty land has sold for considerable amounts.
"It just goes to show those who saw the opportunity 10, 20, 30 years ago are in one of the best locations in the country."