One of the more basic properties in Papakura is probably now also one of the cheapest.

The owner of the 35b Rollerson St property, which resembles a prefab or portacabin, has slashed the price by almost 20 per cent just weeks after listing it.

The listing for the two-bedroom home is now asking for offers over $449,000 - a whopping $100,000 off the original price.

Property for sale at 35b Rollerson St in Papakura. Photo / via Trade Me
Property for sale at 35b Rollerson St in Papakura. Photo / via Trade Me

The 50sq m house is described as "cosy" and sits at the rear of a half-share 830sq m cross-lease section.

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The original ad on Trade Me was listed on July 4 under the heading "Affordable Entry - Nest or Invest", but has since been changed to "Vendor meets the market with $100,000 price drop".

Owner Ross Westgate said he lowered the price about 10 days after listing it to drum up a bit more interest.

"I'm trying to meet it in the middle. That's why I've dropped it that much. I'm looking for $500,000 ... "

While there had been negative comments mainly about the price of the property on Facebook when the Herald first wrote about the prefab-style house, Westgate said feedback from people who had viewed the property was mainly positive.

"There was a mixture of all inquiries, but nothing really got put in writing which is the bit that you need - the formal offer."

The range of interest included a man from Christchurch who was relocating to Auckland so was looking for a house to live in, while another had considered removing the current house and replacing it with a three bedroom home before on-selling it.

Owner Ross Westgate said feedback from people who had viewed the property was mainly positive. Photo / via Trade Me
Owner Ross Westgate said feedback from people who had viewed the property was mainly positive. Photo / via Trade Me

Westgate purchased the property for $172,000 in 2006. The property has a current CV of $225,000 and he believed the new price made it one of the cheapest properties for sale in Papakura.

"It's been a great investment for me for 10 years. I've had good returns and I haven't had to spend a lot of money on it so it's been pretty much maintenance free."

QV home value manager northern James Wilson said vendors' expectations were very high at the moment and not always in line with the actual market.

"I think with this, the vendor's expectations were unrealistic and have come back down now very quickly to what would be more in line with the property type and location."

He said the average price for a basic property in Papakura on a cross lease site was likely to be valued around the late $400,000s to early $500,000s.