Cheapest home not a 'misprint'

Wairarapa's cheapest property last year sold for $58,000 below its capital value (CV) for the bargain basement price of $70,000.

"Not a misprint!! If you are a first home buyer or an investor looking for your next project [this is for you]," the original Bayleys listing read.

Located on River Rd, Masterton, the 100sq m house was the cheapest sale in Wairarapa last year, according to figures from Property IQ.

The new owner said he had purchased the house for a bargain because it had been trashed.

"They came here for an open home and found it smashed to bits, there wasn't a pane of glass left in the place, that's why it was the cheapest home to buy," said the man, who didn't want to be named.

"It had to be re-built from the inside out."

All of the windows in the house, apart from two, were smashed, costing $900 to replace.

"Really, the only place you could have lived in was the bloody garage."

The owner plans to renovate the house and says it has already taken two months just to make it liveable. "So it won't be the cheapest home to buy in Masterton when I'm finished."

Meanwhile, the most expensive property sold in Wairarapa last year fetched $875,000 - $35,000 below its CV.

The Martinborough property, located at 4 Grey St, has a floor area of 269sq m and was sold on August 22. The generously proportioned five-bedroom villa boasts ample living spaces, a high stud, plus beautiful timber features and floors.

Previous owner Fay French said she sold her share of the property to her ex-husband, and still missed living at the property.

"[The] neighbours aren't close at all," she said. "[It had] a nice big section where the boys can play sports."

Ms French said the 1894 character home was relocated from Eketahuna. The property is now available to rent as a holiday home, and is described online as "ideal for a warm and luxurious winter retreat".

Real Estate Institute of New Zealand figures show 928 properties were sold in Wairarapa last year, setting a median price for the year of $210,500.

Nationally, the most expensive home sold last year was a $9.1 million beachfront property on the North Shore that went for $1.6 million over its valuation.

The four-bedroom mansion in Auckland's suburb of Milford topped a list of New Zealand's 10 biggest property sales for 2012 - all of which were in Auckland.

The property boasts a 1844sq m section and a 442sq m home, built about four years ago after the previous house was removed.

The three cheapest homes were sold last year for $20,000 each, including an 87sq m property on Old State Highway 38 in Murupara.

PropertyIQ research director Jonno Ingerson said the data only covered sales that had been settled and registered with the local council, so it was possible that some sales would still make the 2012 list. APNZ