The value lies in the land, and 531 M2 is a fair price for a good piece of dirt by today’s standards. The fact it was a one bedroom house is what seems to be the point of the article, but the overall size of the house at 69M2 is as big as many 3 bedroom apartments or even many small group houses. There are plenty of people who would give their right arm to have such a spacious house, one bedroom or not, plus the bonus of a big piece of dirt to go with it right in the heart of one of the best middle class suburbs in Auckland
I think the buyer got a good deal and best of luck to her. Im sure she will back a good profit out of it.
It also goes to show how having a long view on property is the way to go. Only a piddling $33,000 in 1983. What will this place be worth in another 30 years? $10 million?
One-bed do-up for $550,000
By Alanah Eriksen
Monday May 13, 2013
This one-bedroom unit attached to a state house in Mt Albert fetched $550,000 at auction. Photo / Supplied
A one-bedroom unit attached to a state house in Auckland has reached $550,000 at auction.
The 1950s weatherboard home in Mt Albert, is only 69sq m and needs a lot of work.
It had not been renovated in the 30 years the former owner lived in it.
Donald Hamilton, aged in his 90s, has now moved to a rest home in the Waikato to be closer to his family.
He bought the home in 1983 for $33,500.
Photos inside show ripped wallpaper, dated carpet and the original kitchen and bathroom.
But John Covich, from Anne Duncan Real Estate, said the house was on a section of 521sq m, and being on freehold land, not a unit title, the new owner was able to build on to the property, as long as it complied with the council’s height to boundary rules.
“It needs a total makeover. The wallpaper needs to be stripped, the ceilings in the lounge and bedroom re-done, the carpet pulled up and ideally a re-modelled floor plan to make more efficient use of space.”
The neighbouring property is also one bedroom and owned by Housing New Zealand.
A 41-year-old woman bought the house with plans to live in it and renovate.
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