Decaying home with missing walls sells for eye watering £1 million

A CRUMBLING one-storey home with missing walls has sold for more than £1 million in New Zealand – despite not having a TOILET.

The run-down Auckland property shocked buyers when it went for a fortune after going under the hammer earlier today.

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The local council valued the house at $1.65m (£830,000) stating it required around £100,000 worth of improvements.

However, bidding for the bogless bungalow started at $1.75m (£888,000) and soon rocketed, Stuff reported.

The Barfoot & Thompson real estate agent listing described the house as a “blank canvas in need of urgent attention”.

It stated it was “the most affordable character entry to home ownership available” in Grey Lynn – a posh suburb of Auckland.

The property is classed in the “single house zone” under the city’s unitary plan – which determines how areas in the city can be developed.

Barfoot and Thompson’s auctioneer, Campbell Dunoon, revealed these kind of properties are now highly sought after.

HIGHLY DESIRABLE

“People who I would call traditional retail buyers would in the previous years buy a property to move into are now buying a property to do up and then move into,” he said.

“There are certainly more people like that.”

The estate agent handling sale would not disclose who the buyer was, or whether the person was a developer.

New Zealand has one of the hottest property markets anywhere in the world.

The most recent data puts the average house price at a record-breaking $943,000 – a 22 per cent increase from June last year.

Official figures show Auckland’s market remains the hottest, with average prices now sitting at $1.5m (£750,000).

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