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News Release

A Piece of Cooks Beach Paradise goes on the Market


 

 

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A rare and unique piece of Coromandel’s finest coastal land has come on to the market; 720 Purangi Road, Cooks Beach, is now for sale.

Cooks Beach is situated in one of the most picturesque areas on the eastern seaboard of the Coromandel.  It is just 10mins away from world famous Hot Water Beach, Cathedral Cove and Hahei Beach and is a short ferry trip to all services in Whitianga town. And with three kilometres of lush golden, unspoiled sand with safe waters, it is a very popular with tourists.

 

The estate itself, which covers 21.78 hectares of residential land, is being marketed for sale under joint agency - Jones Lang LaSalle and Coromandel based agency, Richardson Real Estate.
 
The area comprises of a block zoned coastal village with a comprehensive structure plan and situated immediately adjacent to the Purangi Estuary within Cooks Beach. It offers considerable development potential as a residential subdivision (or retirement village), creating estuary frontage sections, reserve frontage sections and other standard residential sections all within walking distance to the estuary and beach.
 
The property currently includes a three bedroom brick and iron roof dwelling dating back to approximately to 1996 and a tool shed.

 

John Binning, Commercial Sales and Investments broker for Jones Lang LaSalle, says, “Coastal residential property continues to remain an extremely popular property investment option in the upper North Island market. Like many coastal and resort areas, dwelling and section prices in the Thames-Coromandel area outperformed national prices during the boom years last decade. Having fallen back below the national average through 2010-2011 coastal values in the Coromandel have continued to recover.”

 
The Coromandel region has some of the lowest levels of property listings and vacant sections compared to existing residences. These figures act as an indication for dormant supply in the region indicating the market is largely in balance in terms of demand and supply which supports long term sustainable price growth.
 
Binning continues, “The market for residential properties in the Coromandel is highly seasonal with sales peeking through the summer months and developers and agents timing sales campaigns for the time when there is the highest number of visitors in town.

 

“This provides us evidence that the Coromandel coastal property market is highly correlated to the success of the Auckland property market. And as the Auckland market gathers momentum owners looking to purchase holiday accommodation are able to leverage the equity in their homes in order to make an investment into the region. Given the recent performance of the Auckland housing market (24.7% increase in median prices over the past 2 years), the outlook for property in the Coromandel remains strong.”

Phil Dawson, sales agent for Richardson Real Estate, adds, “I have lived in Cooks Beach for 24 years and it is one of the most beautiful places in New Zealand. In fact, it is named after Captain Cook, who found it so beautiful that he decided to name it after himself!

 
“Because of this natural splendour, we have already experienced huge demand in this area. Having previously worked on the Hopper Developments’ subdivision of the adjacent land to this property, which was of a similar size of 225 lots, has now completely sold out. We will undoubtedly see similar interest in this property.”
 
Binning concludes, “The Cooks Beach sub market reflects a niche market for coastal property. This relatively small submarket has seen $78 million in transactions since the beginning of 2007. These figures show that there is considerable liquidity in the market for completed residences and or sections ready for residential development.”