PHOTO: A seriously water-damaged Wellington home is hitting the auction block with a jaw-dropping $1 reserve — and yes, you read that right. Wellington, New Zealand. FILE

Located at 7 Bank Rd, Northland, this ramshackle residence is being offered up to the boldest bidder who’s not afraid of a major fixer-upper. While most homes in Wellington are selling for eye-watering sums, this one is a rare unicorn in today’s market — but there’s a big catch.

Even the real estate agent admits this one is “not for the faint-hearted.”

🧱 What’s the Deal?

The property has suffered significant water damage, but it still stands in one of Wellington’s leafier and highly desirable suburbs. While the home itself is clearly in rough shape, the location is pure gold.

For those with deep renovation skills, a strong stomach, and a good builder on speed dial, this could be the ultimate buy-low opportunity. Or it might just be one for the demolition crew.

TRADE ME

🧰 Why the $1 Reserve?

This kind of auction strategy creates buzz — and plenty of it. The reserve price is essentially symbolic, designed to draw in developers, flippers, and bargain hunters willing to take a calculated risk.

And in a housing market where even starter homes can fetch seven figures, a one-dollar auction certainly cuts through the noise.

📍 Prime Location, Major Fixer

Northland is known for its proximity to the city, excellent schools, and leafy surroundings. A savvy buyer might see past the damage and instead focus on land value and location — especially if they’re planning a full rebuild.

Whether it becomes someone’s DIY dream or development project, 7 Bank Rd proves that real estate continues to surprise.

🧪 Would You Dare?

Could this be the cheapest house in Wellington — or a financial black hole? Only time, bidders, and bank accounts will tell.

7 Bank Road, Northland, Wellington, Wellington

To be sold by auction on 19 Jun, 10:00 am

3 Beds
2 Baths
1 Living area
170m² Floor
235m² Land

Other Features

1 Ensuite
2 Separate toilets
1 Study
2 Garage parking
3 Off-street parking

Attribute	Value
Property type	Townhouse
Agency reference	BDN34804
Broadband in the area	Fibre, ADSL, Cable, Wireless

This once proud family home has unfortunately sustained water damage in recent years and is now in need of significant repair. The current owner has made numerous remedies when issues have arisen, however we are unable to advise on the extent of any additional damage.

Aside from the obvious degradation internally, where a paint job and new carpets would give it a generous facelift, the design and structure have led to problems that an incoming purchaser should be aware of.