AUCKLAND couple Donald and Jenny Gibbs paid just $125,000 for a $1.57 million four-bedroom character house on Wednesday.
The house, on a 1012sq m section in Greenlane, was advertised as an urgent sale with a $1 reserve.
It is on Cornwall Park Trust Board land, drawing an annual $37,500 leasehold fee.
"Happy wife, happy life," said Mr Gibbs, a Ray White apartment agent, as he signed the sale and purchase agreement.
"I bought it for the fireplace," said Mrs Gibbs, telling how the family with two sons aged 18 and 21 had been renting at Chatswood on the North Shore, where they paid $670 a week.
"Now I can paint whenever I want," she said.
Instead of rent, the Gibbs will now pay $721 a week leasehold land fees to the board, which owns the land the house sits on.
But that does not bother them.
"You can pay the mortgage off relatively fast," Mr Gibbs said of the cheap entry price for such a property.
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They beat other keen buyers who drove the bidding up fast.
Barfoot agent Tony Keegan said the now Melbourne-based owners simply wanted to quit the place.
But $1 was never going to buy it - $10,000 was initially sought as an opening bid, dropping to $5000 when the room went quiet.
Before the auction, Mr Keegan questioned whether the owners would get the $95,000 they had paid in October 2010.
"But I think it will sell for rather more than $1 although that was its advertised reserve," Mr Keegan said.
The renovated family home has high ceilings, leadlight windows, polished wooden floors and a freestanding fireplace. It is a leasehold property and the ground rent stays the same until 2026.
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