KEY POINTS:
A bach which sold in 2003 for $421,000 is on the market again, with an almost 300 per cent mark-up.
The little house at 60 Shaw Rd at picturesque Waihi Beach is being advertised for $1,590,000.
In 2003, a Morrinsville dairy farming couple bought the ordinary-looking bach for
considerably less, although at the time, they paid above market value, which then was listed by Quotable Value at $280,000.
Now their agent says the husband wants to sell, but his wife is not so keen.
So they have put a hopeful $1.5 million on their place and are waiting for offers.
None had come in by early December.
Agent Barbara Craig of LJ Hooker said she had few inquiries after a month because most people were deterred by the price. She told people who knew it was about to be listed "you'd better sit down while I tell you the price."
Their reaction?
"No, no, no, no, no, no," Barbara Craig recalled.
The agent has told the owners they are asking a lot and she has appraised the house as being worth nearer $800,000 to $900,000.
Quotable Value says the bach is worth just $601,000: $515,000 in land value and $86,000 for the bach.
Craig says the property offers the chance to land-bank.
"[The bach] is but one house and a street away from the sea - not a worry for erosion here.
"The existing bach/home is elevated and has good sea views. Build up one storey, say the vendors, and you will get panoramic views."
The property
* Address: 60 Shaw Rd, Waihi Beach.
* Owners: Morrinsville dairy farming couple.
* Asking price: $1.5 million.
* What they paid three years ago: $421,000.
* What you get: three bedrooms, two bathrooms, large section.