It was listed as the worst house in the best street, but it may have turned out to be the best bargain.
The derelict New Zealand house at 78 Creswick Terrace, Northland, Wellington has sold for $AUD 646,000 after multiple offers were received for the deadline sale by listing agent Michael Adams of Ray White Wellington.
The rateable value (RV) is $1.23 million.
"We had heaps of interest in the property, with enquiries from all around the country," Adams says.
"We even had people flying up from Christchurch to have a look. We had multiple offers and would have had more except I had to let buyers know they were highly unlikely to be able to secure finance for the property. They needed to be cash unconditional."
Adams says not one of the parties genuinely interested in buying indicated they would demolish the house.
"As far as I'm aware, the buyers are not going to demolish. They are keen to renovate."
The property had been in the same family for 70 years, and "untouched for 50 years".
Massive creepers cover most of the large house except the front, which was tidied up for sale.
When the property was listed Adams said six to eight truckloads of rubbish were taken away from in and around the house. Another two trucks were needed to remove two trees that needed to come down.
He said the family purchased the property around 1950, and converted the lower level after 10 or so years to add a flat. But not long after, it started going downhill after the owner's husband died.
"'Mum' lived here, but has been unable to maintain it," he said.
"It has been vacant since January. I found it interesting that in 33 years of being an agent and seeing thousands and thousands of old villas, I have never been in a villa that has not been repiled and found the floors are level, as they are in this house."
Photos show rotting and damaged wall linings, with black mould in many of the rooms.
But the bones of the house remain. Adams says there is some smoke damage downstairs in the flat, after an electric blanket caught fire. But there is no fire damage.
