Uninhabitable house set to sell for $1 million despite smashed walls, knee-high weeds and graffiti throughout – bagging the owner a $400,000 profit
- A derelict home that was taken over by squatters has hit the property market
- The house has graffiti and holes on the walls but has a $728k ratings valuation
- It could sell closer to $1million due to ‘strong’ interest from property developers
- The owner could make $400k if it sells at value or $600k if it sells for $1million
A squat house riddled with smashed-in walls and covered in graffiti is expected to fetch around AU$1million at auction.
The ‘uninhabitable’ house sits on a 969 square metre block full of overgrown weeds at 28 Cambridge Terrace in Papatoetoe, a southern suburb of Auckland which is just 20 minutes away from the CBD.
It has hit the property market with a ratings valuation of AU$728,000 but the price is likely to be driven up by property developers looking to renovate the lucrative block.
An ‘uninhabitable house’ (pictured) with holes in its graffiti-covered walls at 28 Cambridge Terrace in Papaptoetoe, a South Auckland suburb in New Zealand that is just 20 minutes away from the CBD
The current owner bought the block for AU$379,000 in 2013, meaning he would make a $AU$349,000 profit if it sold at its rated value.
If it gets bid up to AU$1million at the Dec.17 auction, he would make more than AU$600,000.
Ray White estate agent Shane Hodgson, who is selling the property on behalf of the owner, has seen pictures of the property from 2007 to 2020.
‘It looked OK in 2007, then it looked terrible in 2013, but by 2020 it looks a whole lot worse,’ he told OneRoof NZ.
The block is covered with overgrown weeds and litter. Ray White estate agent Shane Hodgson said there is evidence of rough sleepers squatting at the home
Mr Hodgson has seen pictures of the property from 2007 to 2020. ‘It looked OK in 2007, then it looked terrible in 2013, but by 2020 it looks a whole lot worse,’ he told OneRoof NZ
Mr Hodgson said there is evidence of rough sleepers squatting at the home, which can be seen in a milk crate, cans and litter strewn across the property.
He said the current owner had intended to develop the property but when he didn’t, squatters took over.
‘He (the owner) just held it, but nothing ever happened so he’s decided to get rid of it,’ Mr Hodgson said.
The estate agent said there has been ‘strong’ interest in the property despite its derelict and rundown appearance.
A makeshift bed made out of furniture and cushions can be seen on the ground, surrounded by litter, debris and graffiti
‘It feels like 2015 and 2016, if not better than that peak. There’s a lot of development going on in Papatoetoe, it’s good to have new homes in the area as that boosts the whole neighbourhood,’ Mr Hodgson said.
He said property developers are interested in the block because it is within the 800sqm to 1000sqm with a huge back yard in which another property could be built.
The Papatoetoe house is in a zone that allows for high-density development, and most other houses on the street had built a second property in what was formerly the back yard.
Families who don’t mind renovating may also be interested in the block, which is 20 minutes from the Auckland CBD, close to public transport and shopping centres.
Families who don’t mind renovating may also be interested in the block, which is 20 minutes from the Auckland CBD, close to public transport and shopping centres