$1m state house rented for $75
New Zealand's most valuable state house is worth more than $1 million and its tenants pay just $75 a week.
Monday, April 11th 2005, 7:53AM
by The Landlord
Housing New Zealand Corporation figures show that the 10 most valuable state houses are all in Auckland and worth more than $800,000, and that some of their tenants have been living there for decades.In Wellington, the most valuable state house is worth $515,000, with six bedrooms, where 12 tenants pay $97 a week. One tenant has lived in a $495,000 Wellington house, paying $96 in rent a week, for 30 years.
Housing New Zealand will not reveal the address of its most expensive property, worth $1,088,000, except to say it is in its Glen Innes district, which also includes blue-chip suburbs Mission Bay, Kohimarama and St Heliers, as well as Orakei, Mt Wellington and Glendowie.
The family who live in the three-bedroom house have been there for five years. The land is valued at $1 million, the house itself at $88,000.
The next most expensive house is in the same area and worth $897,000. Its tenants pay $84 in rent, while tenants living in an $884,000 Glen Innes property pay just $50 a week.
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