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supplied / Stuff
The 30-square-meter house on a lot on Daniel St, Martinborough, sold for $ 595,000.
It’s 30 square feet, it doesn’t have a proper kitchen, and its assessed value is $ 170,000, but a converted garage in a town in Wairarapa has sold for just under $ 600,000.
The studio, in a 447-square-meter section on Daniel St, Martinborough, sold at auction for $ 595,000 on December 2.
Tremain Real Estate sales consultant Pete Sykes said the price was “up” given the size of the lot and the building.
“It’s a bit unusual, but the market has been a bit unusual since Covid.”
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He expected to sell the property for between $ 400,000 and $ 500,000.
“The [the seller] He’s in the process of moving north, he had used it as a place to stay for a while, he was looking to move, so it was a good result for him. “
The studio was 30 square meters, with a small bathroom, living room, sleeping area, and kitchenette.
“His intention was to use it as a place to live while building on the land, so he had consented to the construction plans.
“In the end, we had three bidders who knew the value of that property, they could see the bigger picture of what they wanted for the return they could get from the investment, once they did the construction there and still had the study, they could Airbnb and get a return. “
Many people had been looking to invest in property, and currently there was not much land in Martinborough.
“There was a lot of interest in Wellington from buyers looking for a weekend,” Sykes said.
While he described the sale as “unusual,” there was a possibility of seeing higher prices in Wairarapa.
“It is not just the Wairarapa, it is everywhere, people want to invest their money in property.”
He cautioned against paying too much attention to current taxable values.
“They were supposed to come out this year, but they were delayed due to Covid, until the middle of next year, so they don’t really mean much. They are out of date. “
