Sold! $11m home sets price record
Beachfront property sells for almost double 2021 valuation
A beachfront property on Mount Maunganui’s sought-after Oceanbeach Rd has sold for a Tauranga record-breaking $11 million. The three-bedroom, twobathroom beachfront home, which is set on an 838sqm section, sold last month for almost double its 2021 rateable value of $5.96m.
The sale trumps an earlier record set last year by Sir Colin Giltrap when he sold his five-bedroom penthouse in the Eleven apartment complex on Maunganui Rd for $10.2m.
Bayleys Mount Maunganui agent Sharon Hall, who marketed the Oceanbeach Rd home, said properties of its calibre were rare. “They are like fine artworks.”
Hall said the property had been built by owners Phillip and Lisa Rowe with an attention to detail that was “second to none”.
The architecturally-designed home backs on to sand dunes with views of the Pacific Ocean and islands. “My role was playing Cupid,” Hall said.
“The vendor was absolutely amazing. They did everything that they needed to do and they trusted me absolutely. My role was just to shoot the arrow straight through the hearts.”
The Rowes bought and renovated the Oceanbeach Rd property six years ago after selling their large Italian villa called Ataahua Estate in Omokoroa. ¯
Lisa Rowe said: “We just wanted to get back to the beach and wanted the whole beachfront property – the road to [the] beach and found that property.” The couple then virtually rebuilt the property, adding their own flare.
“It just nestled in beautifully into the dunes and it was an elegant property to live in. It was just easy, it was lovely.” With their children now at university, the couple has bought an apartment designed by a Japanese architect in Burleigh Heads on the Gold Coast. “But I don’t think you ever miss – you move on to something new to experience. Like leaving O¯ mokoroa, we had that big Italian villa and you move on but you don’t miss things, you enjoy something different ... Life’s an adventure.” Speaking on the high sales price, Rowe said Hall was very discreet and understood the top end of the market which she believed helped them get that price.
“I think the thing with our deal was
willing buyer and seller and the right agent and the timing.”
The new owners wanted to remain anonymous.
Bayleys Mount Maunganui branch manager Linda Greenslade said they had a number of high-net-worth buyers looking for special properties like the Oceanbeach Rd home.
“They are not affected by the market conditions and these sorts of properties are not really affected by any sort of interest rates and all these other sorts of market conditions.
The buyers are prepared to pay what it takes to secure a special property they’ve been waiting for.”
Greenslade said the buyers usually wanted waterfront views and a high calibre of property that was either a new build or had been renovated. Others were looking for a section to build their own home on.
“There’s a lot of people that just want to walk into something that’s all done to a very high standard.”
Valocity senior research analyst Wayne Shum said the Oceanbeach
Rd property would be one of the highest prices for a residential property outside Auckland and Queenstown. “I can’t picture anywhere else a coastal property might be getting that sort of money. You will get other big waterfront lifestyle blocks, but as residential you can only achieve that value in Auckland, Queenstown and Tauranga.”
The third highest sale in the city was a property on Marine Parade which, according to Oneroof’s data partner Valocity, sold for $10m in April. Another Marine Parade property also holds the record for the area’s fourth most expensive house selling for $9.525m in July last year, breaking records for being the most expensive sale in Tauranga at that time.
Bayleys agents Conrad Doyle and Kay Ganley are also selling a property at 30 Marine Parade that is being sold by negotiation.
The former motel is currently set up as a two-bedroom apartment with seven one-bedroom apartments, but the 809sqm site also offers development potential.