- The Wellington property at 4 Puketiro Avenue failed to sell at auction, stalling at $130,000.
- The vendor, who bought it for $804,500 in 2021, urgently seeks a sale.
- The property's value lies in its land, with demolition needed due to a "dangerous building" notice.
The owner wanted it off their books, but the Wellington dump with million-dollar views stumbled at auction today.
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The abandoned house at 4 Puketiro Avenue, in Northland, hit the market last week after several failed attempts to find a new owner. And after today's auction at Bayleys, the vendor will have to wait a bit longer.
The auction opened at $100,000 but hit a dead-end at $130,000.
The elevated site has expansive city views across the city and out to Cook Strait. Photo / Supplied
The property is well known in the suburb. Piles of belongings used to spill out of broken windows. Photo / Supplied
The vendor had bought the property in 2021 for just over $800,000. Photo / Supplied
A spectator told OneRoof there appeared to be about four bidders in the room, but only two people - one in the room and one on the phone - made offers.
OneRoof reported last week that the vendor was urgently seeking a deal. They bought the four-bedroom property for $804,500 in 2021, and had drawn up plans to develop the 445sqm site, but circumstances changed.
The house is a well-known eyesore in Wellington. The council had evicted the previous occupant with a “dangerous and unsanitary building” notice in February 2021 after neighbours complained that piles of belongings were stacked high through the broken windows.
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The vendor had planned to clear the unsafe building and replace it with multiple dwellings.
However, their plans changed, and they have been looking for a new owner since the start of 2024. Price expectations have dropped significantly since then, from $799,000-plus to $599,000 before the listing was withdrawn earlier this year.
Bayleys listing agent Rob Duncan, who brought the property to auction with colleague Ben Atwill, told OneRoof last week that the vendor needed to sell. "He needs to get it off his books," he said.
The council had issued the previous occupant a “dangerous and unsanitary building” notice in February 2021, forcing them out. Photo / Supplied
Duncan added that the vendor had been willing to include their unconsented plans for the property in the sale. “You couldn’t renovate it. It’s still subject to a dangerous building notice,” he said.
The value in the property was the land minus the cost of demolishing the derelict building, he said. The property has a rateable value of $730,000, including an improvement value of only $100,000.
“It’s really for builders, developers or land bankers ... it’s an incredible location. It’s got great views over Wellington City and right out to Cook Strait.”
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