A $ 1.5 million dollar house has been sold for $ 125,000 , after it was put on the market for just one dollar . A kiwi couple has snapped up a bargain by buying property for more than $ 1.25 million less than it is worth . The four-bedroom home near Auckland attracted plenty of interest after its sellers put it on the market at such a low price . The $ 1.5 million house a New Zealand couple bought for just $ 125,000 . Real estate agent Tony Keegan said the Melbourne-based former owners were desperate to sell the property , which resulted in the million-dollar bargain . New owners Donald and Jenny Gibbs said the deal was too good to pass up , according to the New Zealand Herald . 'Happy wife , happy life , ' said Mr Gibbs , a Ray White apartment agent , as he signed the sale and purchase agreement . The house was listed by its former owners with just a $ 1 reserve , despite its million-dollar price-tag . ' I bought it for the fireplace , ' said Mrs Gibbs , who also said her two sons aged 18 and 21 would be able to live in the home . Before the auction , Mr Keegan questioned whether the owners would get the $ 95,000 they had paid in October 2010 . But I think it will sell for rather more than $ 1 although that was its advertised reserve , ' Mr Keegan said . Real estate agent Tony Keegan said the previous owners were desperate to sell , which was why it was sold for such a low price . Before the auction , Mr Keegan questioned whether the owners would get the $ 95,000 they had paid in October 2010 . New owners Donald and Jenny Gibbs said the deal was too good to pass up at its drastically reduced price . The average house-price in Auckland is $ 766,912 , almost seven times more than it was sold for . 'The recently renovated home has polished wooden floors , a fireplace and high ceilings . It is on Cornwall Park Trust Board land , and an annual leasehold fee of $ 37,500 . House-prices across New Zealand are on the rise , with the average in Auckland around $ 766,000 , according to realestate.co.nz . Prices in eight of Auckland 's suburbs rose at 17.9 over the last year . This two-bedroom home is currently up for sale in Reservoir , near Melbourne , for $ 3000 more than the house in New Zealand was sold for . In many instances , it is more expensive to secure a marina berth for a boat - which costs around $ 140,000 - than Mr and Mrs Gibbs paid for their new home . Houses in Australia sold for $ 125,000 are hard to find , especially around major cities where prices are much higher . The average house-price in Melbourne is $ 669,000 , while the median price in Sydney broke the million-dollar mark last year . In many instances , it is more expensive to secure a marina berth for a boat - which costs around $ 140,000 - than Mr and Mrs Gibbs paid for their new home . A vacant 15.24m x 36.59m block in Bar Point Bar Point , NSW , would set potential buyers back $ 150,000 , and one-bedroom apartments in the Northern Territory come with a similar price-tag . A NSW property in a bushfire danger area , that was caught in the 2013 fires , is currently advertised for $ 185,000 - $ 60,000 more than the Gibbs ' paid for their New Zealand home . A vacant commercial building is Tasmania will set buyers back $ 150,000 , and a three-bedroom home in the same state costs around $ 155,000 . A vacant 15.24m x 36.59m block in Bar Point Bar Point , NSW , would set potential buyers back $ 150,000 , and one-bedroom apartments in the Northern Territory come with a similar price-tag . A NSW property in a bushfire danger area , that was caught in the 2013 fires , is currently advertised for $ 185,000 - $ 60,000 more than the Gibbs ' paid for their New Zealand home . A vacant commercial building is Tasmania will set buyers back $ 150,000 , and a three-bedroom home in the same state costs around $ 155,000 .
House sold for more than $ 1.25 million below value after owners put it on the market for just ONE DOLLAR . Score: 6