Napier house to be auctioned with $1 reserve

During her real estate career sales consultant Katrina Wyatt of Black & White Real Estate has put a few reserve prices on properties she has dealt with, and accordingly picked up sales commission from them.

But she's not banking on a big commission next week when her latest house sale goes under the hammer.

"At the end of the day I might make 20 cents," she said with a laugh.

Sales consultant Katrina Wyatt of Black & White Real Estate has put a $1 reserve on the four-bedroom Napier South house pictured behind her. Photo / Warren Buckland

That is because the reserve price she and the vendor decided on for the four-bedroom Napier South house is $1.

One single dollar.

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"It's the first time I've put a $1 reserve on a house for auction," Wyatt said, adding it was not a situation which would have emerged often.

It effectively came about as a joke — a light-hearted suggestion to the vendor who said she wanted to have the house removed because she wanted to build on the site.

"I just said 'why don't we sell it for a dollar?' and she agreed."

So the house will come up for auction, with a $1 reserve, on December 7 with the buyer having until mid-March next year to have it lifted and removed from the site.

Wyatt said she simply wanted to help the vendor because she had sold her the house and property a few years ago.

"But hey, we might get three or four dollars for it," she said with a smile.

She believed it could appeal to a family where the parents have a large property able to take the house and set it up for one of their children.

Splitting the house in two and lifting it for removal would cost about $50,000, but it would still probably end up being a bargain.

"The vendor doesn't want to see it demolished because it is a house with real character," Wyatt said.

It had been built between 1910 and 1919 and had been a dance studio, a corner dairy and was currently tenanted.

"It was well built to stand the test of time."

Black & White managing director Tina Chamberlain said the auction and the $1 reserve had received national attention after being listed.

"If it goes for just a dollar then that's fine," Chamberlain said.

"And the vendor is happy to run with that as she wants the land."

According to the QV valuation site the house and property was sold for $309,000 in February 2017 and has a current rating valuation of $345,000.