Bidders flock to auction of P house
The number of bidders vying for a house contaminated with methamphetamine shows how far people will go to get on the Wellington region’s property ladder, an auctioneer says.
There were more than 20 registered bidders at the auction for the two-bedroom Wainuiomata property, which had been boarded up after being contaminated with P, having its walls kicked in and windows smashed.
Professionals Lower Hutt managing director and auctioneer John Ross said the number and types of buyers interested in the suburban Lower Hutt property were indicative of the current state of the housing market in the area.
Among them were first-home buyers, ‘‘ambitious’’ DIYers, speculators, investors and developers, he said.
‘‘We’ve got strong interest at all levels, and a shortage of stock at all levels of the market. If anything, this shows the lengths people will go to get on the property ladder.’’
Ross said he felt for the vendor, who had bought the house in the 1990s as a rental.
The fact that the house sold for $230,000 – $65,000 under its rateable value – was irrelevant because of the state of the property, he added.
‘‘It’s the worst [contaminated property] we’ve ever seen. It’s a real mess. Those values would have been based on it being a quality, liveable home.’’
‘‘If anything, this shows the lengths people will go to get on the property ladder.’’ Auctioneer John Ross
The vendor, who asked not to be named, was devastated and told NZME that the ordeal had been a tough lesson.
‘‘If I was to do it again, I would just accept the financial costs and get a property manager to police it properly, and not try and do it myself,’’ the owner and landlord said.
Tommy’s Wellington sales consultant Nicki Cruickshank was not surprised by the interest in the property, given how cheap it was.
‘‘People see it as an opportunity and, if they can do the work themselves, then it’s a way of getting into the market.’’
Professionals Lower Hutt salesman Shane Brocklebank said houses in poor condition often garnered a lot of interest from the market.
‘‘Any time you have a house with something wrong with it, it tends to bring out the developers and speculators looking for a bargain.’’