Sale day approaches for condemned half-million dollar home

The property at 82 Wallace St has an RV of $540,000, despite being unsafe to enter. Photo/Ray White

It's less than 24 hours until an uninhabitable Wellington house is sold, for an expected minimum price of half a million.

The Mt Cook house is so rundown that interested buyers aren't even allowed inside it, after the council deemed it earthquake-prone.

But the three-bedroom, one-bathroom bungalow will be sold to a lucky bidder tomorrow, when tenders close at midday.

Agent Ray White hasn't tried to hide the damage, titling the TradeMe listing "Dilapidated Californian Bungalow".

There wouldn't be much point trying to be subtle. It's already public knowledge that the roof isn't properly attached to the walls, the paintwork is in a bad way, and the back garden is overrun.

Despite this, the 120sqm house has an RV of $540,000.

The property 82 Wallace St has an RV of $540,000, despite being unsafe to enter. Photo/Ray White

The land alone is worth $380,000.

The agents argue that the house could be restored by a "brave new purchaser", or "a developer/builder to demolish and rebuild".

But what it really comes down to is the central location of 82 Wallace St, Mt Cook.

The 296sqm section is flat, and zoned for Wellington High School and Wellington College.

It's right next door to the bus stop and a dairy.

The previous owner lived in the house for 50 years, but the elderly woman left it late last year when the council declared it too dangerous to enter.

It's still fully furnished.