In 1964, a young couple bought a windswept patch of farmland outside Havelock North for just $6,000.
At the time, it was considered a risky move — remote, scrub-covered, and barely serviced by road.
Today, that same property is worth an estimated $11 million, and developers are circling.
“Back then, people laughed at them for buying it,” says Peter*, the couple’s son.
“Now you’ve got wineries, boutique lodges, and lifestyle blocks on every side.”
From sheep paddocks to real estate gold
The original farm was just over 100 hectares — mostly dryland pasture with a few small gullies and an ageing shearing shed. It was purchased on a handshake and paid off over 15 years.
For decades, the family raised sheep and lived modestly, never imagining the land would one day be considered prime Hawke’s Bay real estate.
But as Havelock North expanded and tourism in the region grew, neighbouring farms were sold and subdivided. What was once considered “back country” is now just a 12-minute drive from a vineyard restaurant.
“It didn’t happen all at once,” says Peter.
“But every few years, someone would knock on the door asking if we’d ever sell.”
A valuation that shocked the family
When the family brought in a valuer in late 2024 — partly out of curiosity, partly for estate planning — the estimate came back at just over $11 million.
What changed?
- Zoning adjustments made parts of the land eligible for subdivision
- Nearby eco-resorts and cellar doors drove tourism interest
- The rise of remote work led to lifestyle buyers willing to pay top dollar for space and seclusion
- And demand for land in the wider Hastings area continues to outstrip supply
“We always thought of it as ‘the farm’,” Peter says.
“Now people are calling it a ‘strategic investment asset’.”
Will they sell?
So far, the answer is no — but the pressure is mounting.
Private developers have submitted offers. A local iwi has expressed interest in a joint venture for sustainable land use. One Australian buyer even offered to buy it sight unseen.
“Mum still says, ‘It’s just the old hill paddock’,” Peter laughs.
“But we know it’s worth something now. The hard part is deciding what to do with it.”
A familiar story across NZ
Real estate experts say this story isn’t unique. Across Aotearoa, especially in regions like Waikato, Canterbury, and Central Otago, farms purchased for a few thousand dollars in the mid-20th century are now worth millions — sometimes tens of millions.
And many of the owners are now in their 70s or 80s, sitting on assets they never expected to be valuable, facing choices they never thought they’d have to make.
“We didn’t buy it to get rich,” says Peter.
“But it turns out, just holding on long enough… that was the investment.”
From $6,000 to $11 million — and counting. Not bad for a paddock nobody wanted.
*Name changed for privacy.
