A "neglected" Auckland house that went to auction with a $1 reserve has been sold — and the owners are "over the moon".
The owner had been living in the Papatoetoe home for 40 years, with little put into upkeep, which is why it was auctioned off with a $1 reserve. They were ready to "let it go" and move into a newer house.
Today the George St brick and tile sold for $1.425 million — a result which "exceeds expectations" for the seller.
Real estate agent Uros Bojovic of Ray White Manurewa told 1News it was about taking a risk and letting the market speak.
"For me, having a $1 reserve is really just about letting the market know they're serious about selling, and people that see value in the property will know she's keen to get it sold," he said.
"If somebody sees value in something, they'll bid to where they believe the value is."
Around 28 people placed 40 bids on the property, including one "cheeky" person who placed a $1 bid.
But ultimately, the risk paid off.
Bojovic said it was "amazing" to see the market decide the true value of the property.
"I'm just really happy for the owners," he said. "They're over the moon.
"It's been a stressful campaign, given that so many people were interested."
He said the new owner, who is likely an investor/developer, is "very happy" with the purchase.
The 1429m³ property has three bedrooms and one bathroom.
Before it went to auction, its estimated worth was between $1.31 million to $1.64 million and its CV is $1,675,000.
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