Phenomenal Prices Achieved For Beachfront Real Estate
Beachfront property is the hottest sector of the real estate market at present, with properties selling for well in excess of their rating valuations.
Doug Matthews, Manager of Bayleys’ Warkworth office, says absolute beachfront properties- houses and sections right on the beach are generating huge competition at auction at present, resulting in some big premiums being achieved for property owners.
Bayleys Warkworth office has done a comparison of its recent waterfront auction sales with rating valuations (the old Government Valuation figure now referred to as Capital Valuations) and found that sale prices achieved were between 13% and 135% higher than the recently struck valuations.
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