Property Management

$1m state house rented for $75

New Zealand's most valuable state house is worth more than $1 million and its tenants pay just $75 a week.

Monday, April 11th 2005

Housing New Zealand Corporation figures show that the 10 most valuable state houses are all in Auckland and worth more than $800,000, and that some of their tenants have been living there for decades.

In Wellington, the most valuable state house is worth $515,000, with six bedrooms, where 12 tenants pay $97 a week. One tenant has lived in a $495,000 Wellington house, paying $96 in rent a week, for 30 years.

Housing New Zealand will not reveal the address of its most expensive property, worth $1,088,000, except to say it is in its Glen Innes district, which also includes blue-chip suburbs Mission Bay, Kohimarama and St Heliers, as well as Orakei, Mt Wellington and Glendowie.

The family who live in the three-bedroom house have been there for five years. The land is valued at $1 million, the house itself at $88,000.

The next most expensive house is in the same area and worth $897,000. Its tenants pay $84 in rent, while tenants living in an $884,000 Glen Innes property pay just $50 a week.

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Heartland Bank - Online 6.69
SBS FirstHome Combo 6.74
Wairarapa Building Society 6.95
Unity 6.99
Co-operative Bank - First Home Special 7.04
ICBC 7.05
China Construction Bank 7.09
BNZ - Classic 7.24
ASB Bank 7.24
ANZ Special 7.24
TSB Special 7.24
Unity First Home Buyer special 6.45
Heartland Bank - Online 6.45
China Construction Bank 6.75
TSB Special 6.75
ICBC 6.75
ANZ Special 6.79
ASB Bank 6.79
AIA - Go Home Loans 6.79
Kiwibank Special 6.79
BNZ - Classic 6.79
Unity 6.79
Westpac Special 6.39
China Construction Bank 6.40
ICBC 6.49
SBS Bank Special 6.55
Kiwibank Special 6.55
BNZ - Classic 6.55
Co-operative Bank - Owner Occ 6.55
ASB Bank 6.55
AIA - Go Home Loans 6.55
TSB Special 6.59
Kainga Ora 6.99
SBS FirstHome Combo 6.19
AIA - Back My Build 6.19
ANZ Blueprint to Build 7.39
Credit Union Auckland 7.70
ICBC 7.85
Heartland Bank - Online 7.99
Pepper Money Essential 8.29
Co-operative Bank - Owner Occ 8.40
Co-operative Bank - Standard 8.40
First Credit Union Standard 8.50
Kiwibank 8.50

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