THE GUARDIAN: The decaying, rundown property in the Auckland suburb of Grey Lynn was prized because of its renovation potential
A decaying three-bedroom house with no toilet or bathroom, missing walls and an overgrown garden has sold in New Zealand for more than $2m (£1m), in the latest example of runaway property markets around the world.
The 1920s-era bungalow on Ariki Street, in Auckland’s affluent suburb of Grey Lynn, sold at auction on Thursday for $2.075m (£1.05m), after the bidding opened at $1.75m, Stuff reported.
Auckland council’s property valuation page estimates its value at $1.65m and that the property requires $200,000 worth of improvements. » | Eva Corlett in Wellington | Thursday, July 15, 2021
