Bargains on The Block
Producers of hit television show The Block look to have bagged a bargain for a row of rundown houses in central Takapuna.
The four brick and weatherboard homes were bought by Eyeworks New Zealand in February for $635,000 each, according to the QV sales history, noticeably less than their government valuations of $740,000.
But the real test of their value will come once the contestants have worked their magic.
Each team will get nine weeks to give their house an extreme makeover before it is auctioned off during the show's finale.
The house that fetches the highest price on the night will be named the winner.
Three of the teams received houses of similar sizes, all of which were last sold in 2004 with values ranging from $610,000 to $660,000.
One couple is starting with a larger floor area and a property which was sold in 2006 for $765,000.
This is a far cry from the earliest known sale price for one of the properties of $53,000 in 1981.
But the old, rundown houses will soon be a thing of the past, transformed into upmarket three-bedroom homes with large decks and open-plan living.
The Anzac St West precinct in which the houses are situated is soon to be subject to a plan change which could see high density housing of up to eight storeys allowed.
Meaning potential buyers could be snagging their dream home or a piece of land ripe for development.
North Shore Times