Property for sale with a starting bid of $1

Auckland residence, occupied by the current owner for over 40 years, is set to be auctioned on Tuesday with a minimal reserve of $1.

Million dollar SALES make up more than half Auckland property market | REPORT

The owner, prepared to part ways with the Papatoetoe property, has left it in a condition deemed uninhabitable, featuring floor holes and soiled carpets, as described by Uros Bojovic, the listing’s real estate agent from Ray White Manurewa, in an interview with 1News.

An Auckland home is going to auction on Tuesday with a reserve of $1. (Source: RayWhite).

Bojovic emphasized that the property’s value will be determined by the market during the auction on December 5. The $1 reserve is viewed as a signal of the owner’s earnest intention to sell, with the hope that those recognizing the property’s potential value will participate.

Bojovic anticipates that the auction’s outcome will likely reflect the market value, acknowledging the inherent risk of it selling for less than anticipated. The property, spanning 1429m³ and featuring three bedrooms and one bathroom, holds an estimated value of $1.31 million – $1.64 million, with a CV of $1,675,000, according to Ray White