Boaties take a share

Norman Gee and Simon Barker offer 'fractional ownership' deals. Photo / Doug Sherring

Spending time on the water is as much a part of the New Zealand lifestyle as owning a house on a quarter acre.

But as many of us - particularly city dwellers - have had to settle for smaller sections or apartments, we've also had to compromise on our dream of owning a boat.

With the second-hand marine market struggling in the wake of the global recession, more boaties are opting for shared ownership or buying chunks of time aboard to get them out on the water.

"Fractional ownership" is the latest fad overseas, with time-share schemes for boats on offer at last month's London International Boat Show.

In New Zealand, as second-hand boats drop in value, shared ownership is growing in popularity.

Norman Gee, of Auckland fractional ownership company Ownaship, said it wasn't just the economic climate persuading boaties to share resources.

"It's also the way we live our lives. There are more demands on our time."

Gee's company has three vessels - a yacht, launch and runabout. Clients own 10 per cent of the boat and pay an annual management fee.

A share in the 12m launch costs $49,000, with an annual fee of $3600. Owners can sell at any time and the outlay entitles them to 33 days use a year, 11 of those in the peak summer period.

Laurie Lowther of Yachtshare New Zealand said the company had one of its best summers in the past decade.

Yachtshare clients can buy 21-day or 35-day packages and can choose two boats from a fleet of 11 yachts and launches. Packages range from $7500 to $17,000 a year.

Clients include a Team New Zealand member, a resident of California's Napa Valley who visits twice a year and clients from Christchurch who visit Auckland while on business, stay on the marina and go sailing in their downtime.

David Morrow of Dreamboats has switched from fractional ownership to a system allowing members to buy points which permit them to use a range of boats berthed around Auckland and in Tauranga.

The average client spends about $7500 for 800 points which would buy 20 days in a 7m powerboat, less in an expensive launch.