A New Zealand house, with three bedrooms almost destroyed, with no bathrooms and missing walls, was sold at auction for $ 2 million.
The bungalow was built in 1920 and is located in a wealthy suburb, Gray Lynn in Auckland. The starting price was $ 1.75 million, while the selling price was $ 2.075 million. The house requires improvements worth $ 200,000.
The agency that organized the auction, Barfoot & Thompson, described the house as a blank canvas that needs urgent attention.
"People I would call traditional retailers in previous years would buy a property to relocate right away, while now they are buying properties that they can fix and then relocate. Of course there are more such people. ” - said Barfoot & Thompson.
New Zealand is one of the countries with the most unaffordable property market. The latest figures put the average home price at $ 943,000 - an increase of 22% from June last year. The Auckland market has average prices of $ 1.5 million. This property purchase crisis is the result of years of tax-free capital gaining.
