New Zealand’s largest, full-service real estate agency, Bayleys, has increased its presence in the Thames-Coromandel District by recently acquiring two rival property company offices.
The business has bought Pacific Coast Realty which owns First National branches in Tairua and Whangamata. These offices have commenced operating under the Bayleys umbrella, effective from 1st April 2023.
Pacific Coast Realty currently employs 12 sales and administrative staff, who will come across to join the Bayleys Real Estate brand, supporting the agency’s local offerings, which include residential, lifestyle, rural, hotel, motel, tourism and business sales, in addition to property management and a suite of advisory services.
Bayleys Coromandel director Chris Bayley says the agency’s expanded presence in Tairua and holiday hot spot Whangamata heralds a new growth phase for the business across the north Waikato region.
“The acquisition of First National’s shopfronts and experienced personnel give Bayleys a critical mass in this market. We are looking to increase our service offerings by recruiting additional salespeople in the residential, lifestyle, commercial, and industrial disciplines to reflect growing demand.
“At Bayleys, we are proudly 100 percent Kiwi owned and operated and take great pride in being staunch local representatives. This means it is even more important today to have a nationally-connected real estate network, with access to integrated systems for our salespeople.”
The new branches will form part of the broader Bayleys Real Estate network, which spans 102 offices nationwide, employing more than 2,000 sales and support staff.
Bayleys Coromandel director Shaun Paterson says the acquisition reflects high confidence in the region’s expansion.
“At the same time many businesses are hunkering down, expecting a period of consolidation, Bayleys is geared up for growth, and performing in what we see as critical future markets, underpinning our commitment and confidence in the future of the Thames-Coromandel region.”
Mr Paterson says an aging population in many smaller rural and coastal settlements is bolstered by the inflow of families, professionals, and those seeking a better work-lifestyle balance, necessitating residential development and increasing local commercial opportunities.
“The property sector continues to yield new prospects – which in the case of Thames-Coromandel is buoyed by new developments including a significant aquaculture and marine precinct in Kopu, and areas earmarked for housing development,” he says.
“Tairua and Whangamata are key locations on the peninsula. Bringing them under the Bayleys umbrella gives our business a unique coverage, positioned to benefit clients from across the country – but particularly those located within the Golden Triangle,” Mr Paterson says.
Approximately 74 percent of Bayleys buyers in Thames-Coromandel are based outside the local area, with a high proportion of investment generated from the economic powerhouse regions of Auckland, Waikato and Bay of Plenty, which house more than half the country’s population and generate just as much GDP.
Pacific Coast Realty’s director Gordon Turner says that First National has become a trusted local brand, and while the acquisition will see an end to its name in the locale, its agency team will continue to deliver excellent real estate services across the region.
Mr Turner, who is staying on as the sales manager of the new Bayleys Tairua and Whangamata branches, says that the agency’s broad multi-disciplined reach and strategic partnership with global property consultancy Knight Frank, incoming sales and support staff will add greater value for buyers and sellers across the district.
Primarily a tourist and summer holiday destination, the Thames-Coromandel District has benefitted from strong recent inter-region migration - particularly from main centres Auckland, Hamilton, and Tauranga. This has seen a flight to the provinces, as homeowners cash in their equity gains in search of a home and lifestyle.
“In addition to lifestyle benefits, there are financial benefits for purchasers relocating to the regions, and from that perspective, the Thames-Coromandel Peninsula has a lot to offer.
“The Bayleys business has been consistently at the forefront of delivering inventive and original marketing initiatives during its nearly 50 years in business and had built a reputation as the leading full-service agency in Aotearoa,” Mr Turner says.
Bayleys Real Estate will celebrate its half-century in operation later this year.