After a sluggish winter that left Waiheke Island resembling a “ghost town,” the local real estate market is showing signs of revival, with properties selling swiftly as buyers return. A recent property sale on the island saw a house snapped up in just two weeks, marking a sharp turnaround for the market, which had been severely affected by the slower winter months.
Matthew Smith, owner of Ray White Waiheke Island, noted the stark contrast between the quiet winter and the current spring surge in activity. “It felt worse than the Global Financial Crisis (GFC),” he remarked, emphasizing how deserted the island had become in the offseason. However, with the arrival of spring, new property listings have sparked renewed interest from buyers.
One of the standout listings is a 1970s three-bedroom bach in Oneroa, hitting the market for the first time in 40 years. The property, located at 40 Korora Road, offers breathtaking views of the bay and direct access to the beach, making it highly desirable. Though its capital value is set at $4.5 million, Smith expects offers to land around $3 million.
The influx of new buyers coincides with the island becoming increasingly popular as a destination for house hunters. Recent weekends have seen ferryloads of potential buyers arrive to view properties, particularly in the more affordable sub-$1.5 million bracket. Real estate agents on the island are witnessing increased foot traffic at open homes, a welcome change from the quieter winter months when tourism and property interest waned.
The spring market rebound is anticipated to gain further momentum as the warmer weather approaches, with many island residents and agents expecting a busy Labour Weekend. Auctions are also heating up, with properties such as a three-bedroom home at 64 Hauraki Road scheduled for sale soon, just seven months after its previous purchase for $2.11 million.
This resurgence signals a brighter outlook for the Waiheke property market, which was hit hard during the quieter winter season. While challenges remain, especially regarding long-term rental availability, the growing interest in property sales is providing much-needed optimism for the island’s real estate industry.
