Beachfront prices ease

Demand for beachfront houses at Wainui Beach, Gisborne is currently at low levels, if the two most recent sales are a true indication. Recently a property on Wairere Road sold for under $700,000. The owner paid $1,400,000 less than four years ago. The property had been on the market for several months and failed to attract secure interest despite being advertised below it’s rating valuation of $1,095,000. Down the Murphy Road end of the beach a beachfront property sold for low $600,000′s , well below it’s original asking price of over $1,000,000. Did these properties sell too cheap? I don’t think so. The market has moved and there continues to be downward pressure on beachfront properties. Watch this week’s video for more comment.