A "cheap as chips" old villa for sale in Greymouth, at only $25,000 is attracting interest, but as yet no one is prepared to have a crack at the major renovation project.

The listing comes a month after Barfoot and Thompson revealed that the average price of buying a house in Auckland had leapt above $600,000 for the first time.

The New Zealand Herald reported last month that million-dollar do-ups of old villas were selling almost every week in the hot inner-city suburbs of Auckland.

The Alexander St home and only a minute's walk from town, is on Maori leasehold land which will cost $3300 annually on top of rates.

Described as being in "dire need of exterior maintenance", the interior is tidy.

Only the ground floor is tenanted, and it sits on a 985 sq m hillside section.

Other affordable options currently listed are a bach at Blackball for $55,000 or the old Ahaura Anglican church for the same price.

A year ago, another rundown central Greymouth house went on the market for $22,000.

E V Arthur Property Brokers agent Frank O'Donnell, who is selling the Alexander Street house, said the old villa was an "oddity", noting the cost of the Maori lease.

He had received a lot of inquiries, but as yet no viewings.

"If someone out there wants a crack, it's as cheap as chips."

By Laura Mills of the Greymouth Star