Run-down bach sells for $445,000

The price was almost double the property's ratable valuation of $240,000 and reflects the soaring demand for waterfront property that has seen prices skyrocket around the country.

The Tutere St bach was auctioned on Saturday. A Bayleys Real Estate spokesman said there were four or five bidders for the bach, which was on a 696-square-metre section and had uninterrupted views to Kapiti Island.

It was bought by a Wellington couple who would use it as a weekend retreat and possibly build a new house there, he said.

The property was sold a year ago for $325,000. Before that it was owned by the same family for more than 70 years.

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