Three bedrooms, native wood, $20,000 . . . buy of the decade?
Monday 26 January 2004
While a Central Hawke's Bay sheep and cattle farm valued in 2003 at $2.8 million sold yesterday at auction for a staggering $3.61 million, an Auckland couple has picked up what could well be Hawke's Bay's cheapest house - a Wairoa home for a measly $20,000.
By The LandlordThe nearly 60-year-old three-bedroom house in Apatu Street, Wairoa, realised less than a quarter of last year's average sale price for Wairoa houses - $93,000.
It is believed to be one of the lowest sale prices in Hawke's Bay in more than 10 years.
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There’s a major housing market downturn coming and it’s likely to reduce the number of investors in the market, according to ANZ economists.
Periods of house price decline are rare and "short-lived", says economist Tony Alexander, amid forecasts of a drop of 10%-15% this year.
Tales of strife and problems abound in the commercial property world these days, but the impact of the Covid-19 pandemic has not been as devastating for all commercial players.
Mortgage lending fell to its lowest level on record last month as the property market ground to a halt during the Covid-19 lockdown.