New Zealand’s cheapest house: a two-bed house for just $ 89,000

29 Wilson Street, Waverley, South Taranaki, is asking for claims over $ 89,000.  The property was last sold in 1981 for $ 12,000.

TradeMe / Supplied

29 Wilson Street, Waverley, South Taranaki, is asking for claims over $ 89,000. The property was last sold in 1981 for $ 12,000.

Halfway along State Highway 3, between Hāwera and Whanganui, is Waverley, one of the southernmost towns in the South Taranaki district.

Yes Schitt Creek is the heartwarming TV show you would most like to shape your life on, now is the time.

This 1940s wooden house on the outskirts of town is for sale with requests for over $ 89,000 – less than what many big city Kiwis now have to save for a deposit.

The house comes 'as is where is'.

TradeMe / Supplied

The house comes ‘as is where is’.

This sunny cottage is currently the cheapest house in the national market, according to realestate.co.nz (excluding relocating houses and a few rental apartments).

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Granted, it needs some work. Okay, a lot of work. The 70-square-meter house is delivered “as is,” with no fixed furnishings, but has a shed at the back and sits on 665 square meters of land.

“If you have the time, the inclination and the stamina, you will benefit from this project,” says Lisa Ratahi, listing agent for Harcourt.

The property was last sold in February 1981 for $ 12,000, according to homes.co.nz, which estimated its current value at around $ 160,000. He received an RV of $ 61,000 three years ago.

“It’s cheap – even for Waverley, where HomesEstimate’s median estimate is $ 261,000,” said Tom Lintern, Homes chief data scientist.

Waverly has a population of less than a thousand and according to the city council, a quick detour from the main road will bring you to Wavery Beach, “renowned for its interesting rock piles and caves and where reef fishing and diving offers some of New Zealand’s best”.

Just five minutes from town and your new home, you can stroll along beaches and cliffs, water ski, kayak, or swim at Lake Lupton, or you can experience these other southern Taranaki gems.

The 1940s house is built of solid wood and has a concrete roof.

TradeMe / Supplied

The 1940s house is built of solid wood and has a concrete roof.

The median HomesEstimate in the city has increased 40.7% in the past 12 months.

TradeMe / Supplied

The median HomesEstimate in the city has increased 40.7% in the past 12 months.

And although it has increased from a small base, the median HomesEstimate in the city has increased 40.7% in the past 12 months, Lintern said.

The median selling price of a home in Waverley was $ 220,000 in September 2020 and increased 25% year-over-year to $ 275,000 this month, according to the Real Estate Institute of NZ (REINZ).

“Built in the 1940s from solid timber and featuring a concrete tiled roof, this compact two-bedroom home with a spacious separate living room faces north – soaking up the sun all day,” the listing states.

However, the property “needs a complete restoration to bring it back to its original condition”.

One of the two sunny bedrooms.

TradeMe / Supplied

One of the two sunny bedrooms.

“It’s actually not uncommon for opportunities like this to arise in the market,” said Vanessa Williams, spokesperson for realestate.co.nz. “There aren’t many, but they keep coming back.

“But I have to say this is a remarkably low price for a two bedroom house in South Taranaki. Other properties sold and recently in the area range between $ 252,000 and $ 457,000. There is even an empty section on the market starting at $ 150,000.

This could make this place a wonderful first home and a first step up the property ladder.

TradeMe / Supplied

This could make this place a wonderful first home and a first step up the property ladder.

Home prices in Taranaki hit an all-time high earlier this year.

“This is the highest on record,” said the region’s New Zealand Real Estate Institute (REINZ) Ambassador Garry Malcolm of the all-time median of $ 520,000 in February.

” It’s not normal. This is absolutely not normal.

The urgent problem was the shortage of stock, he said.

Homes are also spending more time on the market – up 18 days from 24 in September 2020 to 42 in September 2021, according to REINZ.

The two bedroom compact is north facing, for all day sunshine.

TradeMe / Supplied

The two bedroom compact is north facing, for all day sunshine.

“This home is in a price range that will grab attention, so be quick to secure and transform,” Ratah concludes in the listing.

Williams said the list shows there are still opportunities to be found in the housing market:

“It just depends on what you want this opportunity to look like. For someone looking for a project in an area outside of a big city, a lower priced home that needs a little love could be the perfect fit.

The bathroom is lime green and has a corrugated iron wall, as well as a bathtub.

TradeMe / Supplied

The bathroom is lime green and has a corrugated iron wall, as well as a bathtub.

It could be one of the cheapest houses on the market.

TradeMe / Supplied

It could be one of the cheapest houses on the market.

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