Premium bach sale price no surprise
Beachfront homes and sea views continue to boost Omaha’s attraction for buyers, writes Catherine Masters
The $8 million fetched for a beachfront home in one of Omaha’s most exclusive streets is in line with the high prices paid for premium properties in the beach town north of Auckland popular with the city’s wealthy residents.
The three-bedroom, two-bathroom house in Rita Way had three bidders at auction into the $7 millions and while Bayleys Omaha agent Hamish Aitcheson could not reveal the final price, OneRoof records show it was $8m.
Aitcheson, who sold the property with Ponsonby-based colleague Luke McCaw, said the big amount was no surprise.
“Premium Omaha beachfront, that’s kind of where it sits. It’s in the top bracket so far,” he told OneRoof.
“There’s talk of breaking the $10m bracket. We haven’t seen that yet because the market is a little bit subdued currently.”
It would happen, though, “it’s just a matter of when”.
OneRoof analysis recently showed Rita Way was one of the top three most expensive streets in Omaha — another beachfront house sold there in 2021 for $7.625m.
The analysis revealed how Omaha’s fortunes had risen in the years since Covid, with house prices jumping 43 per cent over four years as wealthy Aucklanders took advantage of the postCovid drop in interest rates.
In that time, the average property value grew $846,000. According to data from Valocity, OneRoof’s data partner, the most money paid for a beachfront home was the $9.1m paid for a luxury pad on Kutai Lane in 2022.
Aitcheson told OneRoof the “churn” in the Omaha market at the moment was in the mid-$1m to mid-$2m bracket, which was entry level, and also properties above $5m were selling.
“Those sorts of buyers perhaps aren’t so concerned about the vagaries of interest rates and things like that.”
Entry level offerings include architecturally-designed beach houses at 189 Mangatawhiri Road where Aitcheson said a recent sale of one of the Richard Priest-designed units was for $1.6m.
Precision Real Estate agent Di Balich has a three-bedroom, two-bathroom unit there for sale with an RV of $1.625m.
Her marketing describes the property as a timeless modern take on easy beach living only four minutes’ walk to the beach and the “perfect opportunity to step on to the Omaha property ladder”.
Aitcheson said the difference between an entry-level Omaha property and an $8m sale came down to location: “Beachfront always commands a premium.”
The $8m property in Rita Way was also beautifully designed and a quality build, he said.
People who bought at that level tended to be private, as these buyers were, but a lot of buyers along that stretch were high net worth successful business people.
Aitcheson described Omaha beachfront as “pretty inspirational” to such buyers.
The property was in what locals call the “new north”, which is the most recently-developed northern part of Omaha.
“It was beautifully designed and had a mezzanine sort of pool, stunning views out to Ti Point and right down to
Ta¯ wharanui Peninsula — some of the best views in Omaha are at that end in my opinion.”
Aitcheson has another beachfront property for sale in Omaha but while beachfront, this one did not have a sea view as while only mere steps to the beach it was nestled behind sand dunes.
The location was “amazing” and you could hear the sea but not see it, but were protected from easterlies, he said.
The property in Ruby Cove had been in one family for over 30 years. “They built it in the early 80s and then added to it in the mid-80s and it’s a substantial place.”
The Lockwood Home was in great condition with four bedrooms and three bathrooms including two masters with en suites.
Ruby Cove was only a few 100 metres from Rita Way, which was in “original Omaha” as opposed to the new north.
The house, with an RV of $4.225m, would suit two families who could share the cost, he said.
“There’s room for two families. Instead of buying a lesser place two families could put in and have half a beachfront place.
“We think it represents exceptional beachfront value somewhere in the midfours.”
To Aitcheson’s knowledge, the property was the only beachfront property currently available and the price point was “amazingly attractive”.
The house was on 799sq m of prime Omaha beachfront and had been getting good interest. While yet to sell, sales in Omaha were steady, Aitcheson said.
“There’s a bit more caution in the market but well-presented, well-priced properties, as long as the vendors are meeting the market, will continue to sell”.
There’s talk of breaking the $10m bracket. We haven’t seen that yet because the market is a little bit subdued currently. It’s just a matter of when.
Hamish Aitcheson