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Wellington hovel comes with $500k pricetag

Radio New Zealand logo Radio New Zealand 17/03/2017

Run-down Wellington house selling for more than half a million dollars: A handyman's dream? © RNZ / Jacob McSweeny A handyman's dream? A run-down, uninhabitable, central Wellington house is expected to sell for more than half a million dollars.

Ray White listed the dilapidated, three bedroom Californian bungalow in Wallace Street, Mt Cook on Wednesday.

The property will be sold by tender on 31 March.

It has a rateable value of $540,000. The land has a rateable value of $380,000.

House prices in the capital have soared. The median price of a Wellington home hit a record $530,000 in December, up 21 percent on the previous year.

Run-down Wellington house selling for more than half a million dollars: The back yard ... has potential. © RNZ / Jacob McSweeny The back yard ... has potential.

Real estate agent Everard Aspell said the Wallace St bungalow was in a prime location.

It was next to a bus stop, a short walk from Wellington High School and in the Wellington College zone.

So far, he had received more than 40 calls and 15 applications for tender documents.

Mr Aspell said it was likely the buyer would knock the house down and rebuild, but the right architect might be able to salvage it.

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