A potential job in the cannabis industry awaits the buyer of one of cheapest houses currently on the market right now.
The three-bedroom renovation project at 139 Main Street, in Mataura, Gore, is priced at $125,000 and is located near a medical cannabis factory that's been attracting university graduates looking to forge a career in commerce and science.
Ray White's Mitchell Webb, the listing agent for 139 Main Street, says Mataura may be remote, but a big positive is the plant set up by Southern Medicinal in the town's old paper mill.
“The industry is predicted to grow over time in Southland as more farmers adopt growing and selling hemp. Initial findings suggest hemp grows extremely well as a crop in the Southland climate.”
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Webb says the “once thriving” cottage at 139 Main Street “requires a vision, a paint brush, blood, sweat and tears, imagination and some charismatic magic”.
“To keep the renovations rolling on this cottage classic, there is a café nearby to embolden the courageous caffeine addict,” he says in the listing on OneRoof.
The listing itself is a gem, with Webb turning the description of the property's features into a fun piece of poetry.
“These old quarter-acre sections do not age, regardless of any dwellings becoming archaic; the house may look like it should be superseded, but you can grow your own seeds here and get back to living organic.
“Within the soil there is hidden potential, primed for redemption and rediscovery, should you wish to cultivate a garden, which boasts of being bodaciously botanic.”
The accommodation does lack some necessities, such as a bathroom and has an unusual “water feature”, says Webb.
“It's a strange set-up. There was an add-on at some stage, creating the indoor water feature [because] outside guttering goes through the middle of the house. You can convert one of the bedrooms into a bathroom, as there is some plumbing accessible,” he says.
A three-bedroom do-up at 62 Turumaha Street, in Greymouth, is priced at $145,000. Photo / Supplied
This one-bedroom home at 19 Spackman Avenue, in Springston, Selwyn, is looking for buyers with just over $99,000 to spend. Photo / Supplied
Buyers need to be aware that the property is in a potential flood zone, as is most of Mataura, he says.
“Hence why [the] property is cheaper. But that doesn't stop anyone buying and selling in the area. Some people just love Mataura and some just don't and that's okay.”
Unlike some remote areas, there is plenty of work available locally including in the brand-new hemp and cannabis industry. ”Mataura is a small township in close proximity to Gore and Invercargill. There are a lot of freezing workers and shearers traditionally living in the area due Mataura's proximity to these work opportunities. There are also a number of farms in the greater surrounds of the Mataura area.”
The settlement has had good news in the last couple of years, starting with the removal of the toxic aluminium from Tiwai Point, which had been stored at the old paper mill. “This had represented an ongoing hazard to the community should a flooding event occur. Solving this issue was a major win for the community and has made Mataura a safer place to live,” says Webb.
“Finally the Southland property market has still experienced growth in the past year, so there are no signs of property prices dropping in this part of the country. Perhaps this makes Gore, Invercargill, Mataura and Southland the perfect place to invest or relocate towards.”
The property is being sold as is, where is.
Possibly the cheapest standalone house on OneRoof is 19 Spackman Avenue, in Springston, Selwyn, which is on the market at $99,000. It's a leasehold property as is 42 King Edward Street, in Motueka, Tasman, which is seeking offers over $119,000. Both are located in desirable areas, even if the homes are basic.
One way to add value to such properties is to buy the lease when that’s possible, says Deedee Daly, of Greg Daly Real Estate. With leasehold, another person or organisation owns the land and the buyer only owns the home. Some landowners are willing to sell.
Such an approach might be possible with 62 Turumaha Street, in Greymouth, which is on the market at $145,000 with Daly.
The purchase price is for the home only. Daly says the land is owned by Mawhera Incorporation. The Incorporation has approval from the Māori Land Court to sell the freehold of some of its properties, including 62 Turumaha Street. The existing homeowner was offered the freehold previously, says Daly, but didn’t buy it out. The land value is likely to be $116,000, combining to a total cost of $261,000, although the buyer isn’t obliged to purchase the freehold.
A home such as this on freehold would be worth in the high $200,000s or low $300,000s, says Daly. “It’s in a good area, walking distance from most amenities,” she says.
The three-bedroom 120sqm home on 1075sqm of land has a new roof, is partially re-clad with PALLISIDE and has an upgraded kitchen, says Daly.
Buyers looking at bottom-priced properties are most likely to get “doer uppers”, says Daly. Another example is 9 Newcastle Street, Greymouth, which has been gutted ready for refurbishment, re-wired and re-jibbed, but has no kitchen or bathroom. The asking price is $199,000.
A two-bedroom house at 42 King Edward Street, in Motueka, Tasman, is seeking offers of over $119,000. Photo / Supplied
Looking for buyers with budgets of $98,000 and above is this two-bedroom home at 48/449 Fisheries Road, in Glenavy, Waimate. Photo / Supplied
Daly says neither property is flood-prone. She adds that out-of-town buyers often confuse Greymouth, which doesn’t flood, with Westport, which has had more than one in recent years. “Greymouth had a big flood in 1988. Since that time they have built big flood walls.”
The South Island has its share of properties for sale with unusual tenure arrangements. A renovated home at 19/1242 River Road, Ashburton, is on the market at offers over $160,000. The freehold is owned by the Hakatere Hutholders Society and buyers have to be accepted into the society before they’re allowed to purchase.
Another bargain basement hut, at 48/449 Fisheries Road, Glenavy, at the mouth of the Waitaki River is tidy, and offers excellent whitebaiting, but can’t be lived in permanently, and no pets are allowed. It’s on the market for offers over $98,000.
Cliff Meek of Property Brokers says there is a shared toilet and shower block, but some owners have been getting council and society permission to add holding tanks, which means they can have their own internal toilets. “That really increases the value,” says Meek.
