This Waiheke Island property last sold for under $200. It’s now worth $1.24 million.

In 1960, 15-year-old Ray Grunby and 17-year-old friend Irene bought a plot of land in Waiheke Island, New Zealand for less than £100. 

It was Ray’s father, William, who first brought the property to the pair’s attention. 

One day, he spotted the vacant lot for sale while driving past Palm Road, and said, “You kids should buy it”. 

Ray and Irene met in their teens, shortly after Irene’s parents had separated. At the time, she was living at home with her mother and six siblings. 

“Ray’s father ran a gymnasium for waifs and strays,” Irene tells OneRoof. “I happened to join it with a girlfriend of mine.” 

“Ray’s family thought it would be kind to give me a holiday, to give me a break away from the other six children [in my house].” 

The pair had saved their pennies from an early age, and each had around £50 in their bank accounts. They spent exactly £95 and 11 pence on the property – equivalent to about $NZ24,200 today, according to the Reserve Bank of New Zealand’s inflation calculator. 

After they bought the plot, Ray and Irene went over to Waiheke Island on the weekends to build their dream holiday house. 

The pair married in their mid-twenties, and went on to have four children. The family spent every holiday at the beach house, and it holds many happy memories for Irene. 

Ray passed away in 2022, and Irene now lives in a retirement village. She has made the difficult decision to finally sell the beloved house on Waiheke Island. 

The property has an estimated value of $NZ1.24 million ($AU1.11 million), and is set to go to auction at the end of February. 

The real estate agent, Neill Clarke, expects that the new owners will knock the 1960s beach shack down and replace it with a new house. 

The two-storey house is built in a typical midcentury style with large square windows, colourful walls, and an outdoor toilet and shower. Asbestos was used in the home’s construction. 

The listing describes the property as a “demolition project or renovation challenge” perfect for builders or experienced renovators.