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.
AdvertisementAdvertise with NZME.
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."