The $1 reserve townhouse going to auction in Auckland

A family-sized home is going under the hammer with a shock $1 reserve.

Cheaper than a cup of coffee or a chocolate bar, the three-bedroom home in Auckland has an auction scheduled for March 27.

The reserve is the base amount a vendor will accept, which means what this property sells for will be determined by how much competition there is.

The agent, James Mairs, outlines the deal in the listing, but also advises prospective buyer to conduct their due diligence on “stratum in leasehold” properties, which this is.

This configuration means the developer – or the freeholder – owns the land, and the buyer will own the dwelling for a specific period of time, which is fixed term or unlimited.

At 25 Cotesmore Way, Parnell, Auckland City, the property spans three levels with multiple living areas, a leafy-view balcony and a garage with an internal laundry.

The area is close to the University of Auckland, and Mairs says it may suit a family who needs to house a uni student, or it could be rented out.

“That’s right – if you can bid just one dollar, this fantastic Parnell property will be declared ‘on the market’ for sale,” the listing says.

“Cotesmore Way is home to some of the most affordable terrace houses in Auckland. Prestigious Parnell post code comes with a whopping discount thanks to leasehold tenure. Your purchase price is almost laughable.”

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