A landlord in Auckland’s highest-growth suburb is selling one of his rental properties at auction with a cheap $1 reserve because he wants to sell urgently.
The plaster home on a cross-lease section in Onehunga is one of five investment properties being sold by the North Shore-based landlord who urgently needs to free up some equity.
Ray White listing agent Rubal Singh said the vendor had already gone unconditional on a new home on the North Shore and needed the money from the sale of his investment properties to help pay for it.
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Singh said the seller had decided to sell the Onehunga property with a $1 reserve to show buyers how motivated he was.
The property had been listed for sale in July last year, but failed to sell at auction, OneRoof records show.
The owner was in the process of getting a builder’s report to provide to buyers and Singh had only been told verbally at this stage that there were no moisture issues.
The property, which has three bedrooms, two bathrooms and a rumpus room has been rented out for the last decade. Photo / Supplied
The owner paid $520,000 for the home at 11D Waitangi Road in June 2014 and it has an RV of $900,000. It has been lived in by the same tenant for the last eight years and would suit a homeowner, property trader or investor.
Singh said properties in Onehunga sold easily upwards of $1 million, but there were no recent sales of plaster properties, which tended to sell for less than those made from other building materials.
“It’s very good value for money,” he said.
“Even if it is leaky or not – it seems that this is not leaky because it does have eaves – but again just to show motivation of how much he has to sell these properties he’s going ahead with the $1 reserve.”
It has an open-plan design with the kitchen flowing into the living area. Photo / Supplied
The vendor is also selling his four other investment properties in South Auckland. A Clendon Park property is already under contract and the listings for the remaining three properties, which are in suburbs including Weymouth and Mangere, are due to go live in the next few weeks.
“He has to sell all of them because he’s already gone unconditional on the property that he’s buying ... He already owns a home in Albany and he’s selling another one.”
Earlier this month a brave property owner sold a three-bedroom, one-bathroom home on Corsair Crescent in Mangere at a $1 reserve auction. The property sold in a fast-paced auction for $750,000, which was $25,000 more than an offer they turned down earlier this year.
Agents behind some of the $1 reserve auctions this year said the increase is due to property owners attempting to make their properties stand out in a cluttered market.
- 11D Waitangi Road, in Onehunga, Auckland, goes to auction on June 6
