Super cheap Far North house and land package comes with catch

This property in Towai is an absolute steal at $175,000 compared to the median house price of $810,000 in New Zealand. Photo / Supplied

It may well be the cheapest house and land package in Northland, and possibly New Zealand, but real estate experts warn potential buyers to do their "due diligence" before parting with their hard-earned cash.

A derelict bach sitting on 6.4 hectares of freehold land is up for grabs in Towai in the Far North for a mere $175,000, having been slashed from an original asking price of $350,000.

The property at 6b1b Ruapekapeka Rd, which is listed on Trade Me, is an absolute steal compared to the median house price of $810,000 in New Zealand and Northland's $642,000.

"A lovely 16-acre block, 30 minutes from Kamo, complete with bach and a good stream fed from a spring," the private listing said.

"The bach is derelict, and you should be able to rebuild as you like, as long as it is in the same footprint."

There is, however, a catch.

The property is landlocked, and potential buyers cannot view it in person.

Viewing is only possible by drone.

In his frank sales pitch, the owner, known as Len, said the price is "not negotiable".

"Act fast as I have another opportunity with a very short window," he writes.

"Once that window closes, my motivation for selling cheap will be gone.

"Fly your drone over it. Inspection is not currently possible. Read that again.

"Do not contact me unless you have 175k cash in the bank and can settle within seven days."

OneRoof editor Owen Vaughan said it was a fairly competitive price for 6ha of land, but there were a lot of issues and strings attached. Photo / File

The listing says access via the driveway is refused by a nearby owner and the new owner would need to get permission from the owner of another block, which would entail taking the matter before the High Court to seek relief via Section 327/328 of the Property Law Act.

"Talk to your solicitor (do not ask me)," Len said.

Despite the issues, the listing has generated plenty of interest, with over 8000 page views.

OneRoof editor Owen Vaughan said it was "a fairly competitive price for 6ha of land".

But there were "a lot of issues and strings attached" to the property, mainly due to it being landlocked, he said.

"You are getting a fairly hefty chunk of land for a fairly cheap price.

"Any property whenever there are complications, whether it's weather tightness, a leaky home, it's leasehold opposed to freehold land or a boundary issue, it brings down the price and that seems to be the case here."

The average property price in the area is $500,000, and there have been no sales in Towai over the past 12 months, Vaughan said.

There is a similar shack on the market on OneRoof at 1658 Ruapekapeka Rd in Kawakawa. That property comes with 3ha of land and is for sale at $339,000.

Is this the cheapest house and land package in New Zealand? Maybe - but there's a catch. Photo / Supplied

Trade Me Property sales director Gavin Lloyd said the interesting wording on the listing "might not be everyone's cup of tea but it does not breach our terms and conditions".

"The seller looks to have been very upfront with the images and description of the property, which is what we ask of all our members," Lloyd said.

"Like with all property listings, we recommend prospective buyers do their due diligence, ask lots of questions and seek advice from a trusted real estate agent."

While this is a low asking price, there are a number of cheaper listings onsite, Lloyd said, including a one-bedroom, one-bathroom property in New Plymouth for enquiries over $159,000.

There is also a two-bedroom, one-bathroom "project" in Ohai, Southland for enquiries over $135,000.

However, these properties only come with 508 square metres and 1012sq m of land respectively, nothing like the 6.4ha on offer in the Far North.

Trade Me Property sales director Gavin Lloyd said the interesting wording on the listing "might not be everyone's cup of tea but it does not breach our terms and conditions". Photo / Supplied

Real Estate Institute of New Zealand chief executive Jen Baird said there are benefits to using a real estate professional to sell a property as they have extensive local knowledge and networks.

"You have a dedicated resource with the time, energy and know-how to get your property in front of the right audience for you," Baird said.

"They know the disclosure requirements, and are well positioned to ensure potential buyers have clear, accurate information so they understand what they are getting into when purchasing a property."

The Northern Advocate attempted to contact the owner of the property but received no response.