It had no working power, no plumbing, and most of the windows were missing.
But last week, a derelict cottage in inland Taranaki officially sold for just $1 — and yes, the price is real.
“We listed it as a formal tender starting at one dollar,” says real estate agent Karen Ngata.
“And that’s exactly what someone paid. One single coin.”
Now, the deal is sparking national attention — not just because of the price, but because of what came with the house, and what the new owner has agreed to do next.
More than just a shack
The house — a weatherboard relic from the 1940s — sits on a bare, rural section just outside of Stratford, and hadn’t been lived in since the early 2000s.
Over the years, locals used it as a storage shed, then left it to decay.
It had:
- A half-collapsed roof
- Broken floorboards
- No bathroom
- And extensive black mould inside the walls
But despite appearances, it was part of a unique community land initiative aimed at bringing new life to rural properties that would otherwise rot away.
“It’s not about making money,” says Karen.
“It’s about giving someone a start, and saving something before it disappears.”
The conditions: strict, but fair
The $1 sale came with a catch: the new owner — a 28-year-old builder named Lucas — must:
- Begin restoration within 6 months
- Live on-site for a minimum of 2 years
- Not sell the property before 2028
- Use local materials and trades where possible
If he fails to meet the terms, ownership reverts back to the trust that offered it.
“I’m not scared of hard work,” Lucas says.
“It’s rough — yeah. But I’ve seen worse. And where else can you buy a home for the price of a loaf of bread?”
A wider movement?
This isn’t the first time a home has been sold for a symbolic amount in New Zealand.
In recent years, several regional councils and land trusts have trialled low-cost sales tied to restoration agreements, hoping to revive empty homes and attract young residents.
But this is the first known $1 sale in Taranaki — and possibly the cheapest verified house sale in New Zealand in years.
“We had people from Auckland trying to bid higher,” says Karen.
“But this wasn’t about who had more money — it was about who had the right skills and attitude.”
What happens next?
Lucas plans to start work in July, beginning with the roof and floor. He estimates it’ll take about $40,000 in materials and labour to make the place livable again — but says the experience, and the long-term potential, make it worth it.
“It’s not about flipping it,” he says.
“It’s about building something from nothing. That’s what drew me in.”
So yes — it’s official. A house in New Zealand just sold for $1. And now, its second life is about to begin.
