North Shore townhouse worth $840,000 to be auctioned off with $1 reserve

The Unsworth Heights home, designed by BKM Architects, had to be sold at the auction on Sunday.

A brand new, three-bedroom North Shore house worth $840,000 will go under the hammer this weekend with a $1 reserve.

The Unsworth Heights home, designed by BKM Architects, had to be sold at the auction on Sunday, the Trade Me listing said.

The house, located at 11/147 Albany Highway, was 182sq m and had a single garage. It was in zone for all the Albany schools, it said.

This brand new North Shore townhouse is for sale with a $1 reserve.

QV has the rating valuation for the 114sq m site listed as $260,000.

Real estate agent Elizabeth Ling of James Law Realty said Prendos New Zealand had valued the house at $840,000.

She said the decision to list it with a $1 reserve was mainly for marketing purposes but also because the vendor needed it sold urgently.

The agent says the house has to be sold on the day.

"The vendor has a personal issue he needs to sort out," she said. "He was happy to sell it with a $1 reserve."

She said a lot of houses now were being passed in at auction but this tactic guaranteed the vendor and bidders a sale. "No matter what price it goes for, it has to be sold on the day."

She acknowledged there was some risk in the tactic but said other homes listed with the same reserve around the country had usually sold for a good price.

The agent says said other homes listed with the same reserve around the country had usually sold for a good price.

"We don't think it will go for $2 but it could go for any price. The market these days, no one can predict."

The listing had attracted a lot of interest with about 50 groups coming through to view the property. Ling believed there were about five parties seriously interested in buying the townhouse.

The agent says the listing had attracted a lot of interest.