NZ's cheapest house is on the market for $120,887 - will you take it?
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Finding an affordable house these days can feel like an impossible feat, especially if you're living in a big city. In fact, it seems like prices just keep going up and up with no end in sight.
But believe it or not, there are still some good deals to be had out there, you just have to know where to look.
That said, you might also want to stretch your search to our next-door neighbour, New Zealand.
Did you know that right now, the cheapest house in all of New Zealand is on the market for $121,877 AUD?
That's right; if you've got your heart set on owning your own place and have about $120,000 saved up, this could be your dream come true!
The two-bedroom cottage is located at 82 Hastings Street in Ohai, a small town halfway between Invercargill and Te Anau in New Zealand’s Southland.
The humble abode, built in the 1930s, sits on 1012 square metres of land and has parking space for two cars.
Quite frankly, it also has seen better days — something the sellers are not hiding, as its own listing describes it as a ‘restoration project’ in need of ‘tender love and care’.
New Zealand’s Stuff reports the house was last sold in November 2015 for around $32,236.
The house selling for a such a cheap price is no surprise for Infometrics Principal Economist and Director Brad Olsen.
He explained that small, rural areas without an abundance of economic activities tend to have the cheapest house prices.
Ohai is a former mining town whose last mine closed in 2021 over concerns about its long-term financial viability.
Olsen also pointed out that prices of homes were likely to increase as one approached Invercargill, which has a more robust economy.
‘The cheap price does underscore that there are some deals out there, but it is very much about what the buyer is trying to achieve. Work, groceries, entertainment and so on are all factors to take into account.’
‘A super-cheap house price might be a win on one count, but less so on other counts.’
Back home, Aussies are caught in the jaws of a housing crisis with the median value of houses in regional areas estimated at $610,781.
There might be some signs of relief as some reports say housing prices might drop by as much as 20% by the end of 2024 should current trends continue.
As Aussies trudge forward with crises on multiple fronts, we don’t expect finds like 82 Hastings Street in New Zealand to stop anytime soon.
Speaking of finds, you might also want to check out this property for sale in Sydney that has many people talking — and not for the reasons you think.
Would you consider buying this affordable listing all the way out in New Zealand? Or are you just not interested in buying houses with the current market?
Share your thoughts and opinions below!
Source: Sky News Australia
But believe it or not, there are still some good deals to be had out there, you just have to know where to look.
That said, you might also want to stretch your search to our next-door neighbour, New Zealand.
Did you know that right now, the cheapest house in all of New Zealand is on the market for $121,877 AUD?
New Zealand’s cheapest house is advertised as a ‘restoration project’ by its sellers. Credit: trademe.co.nz
That's right; if you've got your heart set on owning your own place and have about $120,000 saved up, this could be your dream come true!
The two-bedroom cottage is located at 82 Hastings Street in Ohai, a small town halfway between Invercargill and Te Anau in New Zealand’s Southland.
The humble abode, built in the 1930s, sits on 1012 square metres of land and has parking space for two cars.
Quite frankly, it also has seen better days — something the sellers are not hiding, as its own listing describes it as a ‘restoration project’ in need of ‘tender love and care’.
New Zealand’s Stuff reports the house was last sold in November 2015 for around $32,236.
The house selling for a such a cheap price is no surprise for Infometrics Principal Economist and Director Brad Olsen.
He explained that small, rural areas without an abundance of economic activities tend to have the cheapest house prices.
Reports called the closure of Ohai’s mine ‘the end of an era’. Credit: Otago Daily Times/Allison Rudd
Ohai is a former mining town whose last mine closed in 2021 over concerns about its long-term financial viability.
Olsen also pointed out that prices of homes were likely to increase as one approached Invercargill, which has a more robust economy.
‘The cheap price does underscore that there are some deals out there, but it is very much about what the buyer is trying to achieve. Work, groceries, entertainment and so on are all factors to take into account.’
‘A super-cheap house price might be a win on one count, but less so on other counts.’
There might be some signs of relief as some reports say housing prices might drop by as much as 20% by the end of 2024 should current trends continue.
As Aussies trudge forward with crises on multiple fronts, we don’t expect finds like 82 Hastings Street in New Zealand to stop anytime soon.
Speaking of finds, you might also want to check out this property for sale in Sydney that has many people talking — and not for the reasons you think.
Would you consider buying this affordable listing all the way out in New Zealand? Or are you just not interested in buying houses with the current market?
Share your thoughts and opinions below!
Source: Sky News Australia
