An Auckland city apartment is going to auction next week with a reserve of $1.
According to the listing, a change of circumstance and mindset has led to a short notice auction.
The owner bought the two-bedroom, two-storey home on Quay Street 18 years ago.
It will go to auction on March 14.
Speaking to 1News, listing agent Grant Elliott said a $1 reserve is a risky move, but can be rewarding if it's done right.
"It's a great idea if time is of the essence, however a one week auction puts a lot of pressure on the agent."
Elliott said a property on Anzac Ave in Auckland went to auction with a $1 reserve in 2020 and only sold for $10,000.
He said all the buyers assumed there would be "too much interest".
"But because of the short nature of the auction time frame no one came to the auction and it sold for $10,000."
The Quay St listing says the seller is "seriously motivated".
"You could buy this two bedroom cash cow on your credit card. Leasehold and cheap? You bet. A little tired? Not as tired as you might think.
"What's the catch? The bank won't lend on it, you'll need a little bit of cash and the ability to put your hand high.
"Upside? It's perpetual passive income for virtually spare cash...like...forever."
The property is currently rented for $630 per week, but Elliott says with if the owner does some "TLC and paint work" the rental appraisal is $750-800 per week.
In December a house in Auckland's Papatoetoe went to auction to with a $1 reserve.
It sold for $1.425 million.
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