Buying at the bottom end of the market in New Zealand doesn’t necessarily mean compromising on space. Not every home in the sub-$400,000 price bracket is a unit or shoebox apartment.
In Clutha, a 19th cottage on Waitahuna Lawrence Highway recently sold for $390,000 - almost $100,000 above its 2020 RV but still within the budgets of many first home buyers.
The three-bedroom home is an as-cute-as-can-be chocolate box-style home, teaming with original character features, and sits on 1214sqm section with established gardens, and fruit and nut trees.
Lawrence is only 3km from Gabriels Gully, where gold was discovered in 1861, sparking a gold rush at the time, which raised town’s profile, riches and population.
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The town still has 21 heritage listed buildings, thanks to its success in gold-mining times, but it’s also home to a near new aquatic centre and gym.
And crafty buyers won’t be alone. The tiny settlement has a growing number of cafés and service businesses, thanks to the trail and there are a number of commercial buildings for sale at bargain prices if the new owner wants to go into business. “That’s why we moved down here as well,” says Ray White Dunedin Megan Young, who listed the Lawrence Waitahuna Highway cottage. “My husband is a beekeeper.”
The property has a bright but rustic interior. Photo / Supplied
The cottage still has original character features. Photo / Supplied
Prices in nearby Milton are perfect for entry-level buyers. Agent Jo Turnbull, of Cutlers, has two renovated properties on the market. The first is a three-bedroom home at 4 Cross Street, which sits on an 809sqm section that is ripe for development. The property, which has a 2020 RV of $230,000 and is for sale by way of negotiation, has been newly painted, rewired and replumbed and boasts a new laundry and modern kitchen.
Turnbull’s second listing is a two-bedroom townhouse at B/41 Spenser Street, which sits on 1024sqm section and, according to the marketing, needs to be sold ASAP.
The renovated 4 Cross Street, in Milton, Otago, is for sale by way of negotiation. Photo / Supplied
B/41 Spenser Street, in Milton, Otago, needs to be sold, according to the listing. Photo / Supplied
For something a bit bigger in a sunnier climate, buyers could look at 2/75 Allen Bell Drive, in Kaitaia, Northland, which is on the market at $319,000.
The 1970s three-bedroom home has been insulated to healthy homes standards, and sports a new kitchen, fresh paint and new carpets.
Ray White Kaitaia agent Keri Hokai expects the property will appeal to investors. “We have a major housing crisis here in Kaitaia and finding suitable tenants would be no problem at all. Ray White property management has provided a weekly rental assessment of $470-$510 per week.
“The property is priced to sell especially since buying the land and building the house at current building prices would cost more than what it is selling for,” says Hokai.
A three-bedroom house at 2/75 Allen Bell Drive, in Kaitaia, Northland, has asking price of $319,000. Photo / Supplied
In neighbouring Paihia, many lower priced properties come with a bonus for first home buyers. If they’ve been tenanted, they most likely meet the Government’s healthy homes standards for heating, insulation, ventilation, moisture, drainage and draught stopping.
One such property is 7/4 Tohitapu Road, a one-bedroom 1970s cottage, which is currently tenanted and is priced at $389,000.
The house is within walking distance to a beach and is only a short drive to the Paihia town centre. “The owner has owned this property for some years but has decided to sell this property due to another investment he is currently looking at closer to his home,” says Dianne Quinn, of Ray White Paihia.
“Properties in this price range rarely come onto the market in the Bay of Islands.”
7/4 Tohitapu Road, in Paihia, Northland, is priced at $389,000. Photo / Supplied
Sub-$400,000 liveable homes aren’t just limited to tiny towns and hamlets. Even regional centres have options. RE/MAX agent Angela Maindonald says homes in that price range in good condition are relatively rare in New Plymouth, but a former Bach that has undergone renovation in recent years is one option. The home is on the market for offers over $385,000.
“The home at 1/110 Cook Street, Marfell, started life as a bach on Ngamutu Beach, most likely in the early 20th century,” she says.
When the land was needed for port expansion, many of the baches in the way of work were bought and moved, around the 1980s, current owner Michael Heslop believes.
“It has a real bach vibe in terms of décor,” says Maindonald. “It’s simple and quaint, but not onerous in terms of maintenance.”
She adds: “It’s very liveable, and you can’t buy anything else at that price point. The median in New Plymouth is around $635,000.”
A two-bedroom home at 1/110 Cook Street, in Marfell, New Plymouth, is looking for offers over $385,000. Photo / Supplied
For sale for $349,000-plus is a three-bedroom villa at 11 Sarjeant Street, in Gonville, Whanganui. Photo / Supplied
Further south in Whanganui, $349,000 plus gets a first home buyer a 1910 transitional villa in tidy condition, with multiple period features including press steel ceilings, lead light windows, and decorative light fittings, recent reroofing, and good insulation.
Further south still is Levin, which like many small centres in New Zealand is screaming out for workers. Any fear of finding work by would-be movers should be unfounded, says Wilton & Co Realty principal Adriana Wilton. The town is always looking for staff for the meat works, while Fletcher Reinforcing has expanded in recent years. “And there’s a lot of industry moving up from Wellington,” says Wilton.
“There’s [work at] the new Taraika subdivision, which is going to be breaking ground just before winter,” she adds. Trades people are always in demand.
Many residents work from home, or commute to Wellington a couple of days a week. “I sold a house [recently] to a couple who work for Xero. They work remotely most of the time, and go into Wellington a couple of days a week.” Thanks to the new Transmission Gulley motorway the commute is just over an hour. Palmerston North is a 45-minute drive.
A two-bedroom home for sale at 66 Winchester Street, in Levin, Horowhenua. Photo / Supplied
Entry level large town living in Levin means a tidy two-bedroom unit at 66 Winchester Street. Original features such as the late 1960s varnished doors give the home character, but modern colours make it liveable. The kitchen is still original 1960s, but is in good condition compared to many. The property has a garage, but is walking distance from Levin’s main drag Oxford Street.
“It’s a lovely property, a true sun trap,” says Wilton. “It has been a great little rental for my owner who is selling to purchase a property in Sydney where she has relocated to.”
The semi-detached home is insulated top and bottom, and has a heat pump. “[It is] a perfect first home that can then become a rental as the buyer moves up to the next rung in the ladder.”
Even Aucklanders can get on the property ladder for less than $400,000, thanks to the abundance of apartments. Many are more suited to rentals thanks to their small size or other issues that come with the territory.
City Sales manager Scott Dunn singled out a few options for entry level buyers. One of Dunn’s favourites in the sub-$400,000 category is 1011/8 Ronayne Street, Parnell, a building known as The Landings. It has three bedrooms, two bathrooms and two car parks. Although the 71sqm apartment is leasehold, it’s “uncomplicated and move-in ready”, says Dunn. Bonuses are a full-size tennis court, 25m heated indoor pool with sauna, and gym.
1011/8 Ronayne Street, in Parnell, Auckland, is on the market for sale. Photo / Supplied
“(Sub $400,000) is not an easy find in Auckland even with apartments,” says Dunn. But two others he would point buyers two are 9-17 Byron Avenue, Takapuna, in the Spencer on Byron, and 212/77 Halsey Street, in the Lighter Quay building.
