Househunters searching for a bargain should look to Ohai, in the deep south, which currently has the cheapest house in the country for sale.
Infometrics principal economist Brad Olsen said it was smaller, rural areas that did not have broad-based economic drivers which tended to have the cheapest houses for sale.A former coal mining town, Ohai is in Southland, halfway between Invercargill and Te Anau. The mine closed down late last year.
In December, a milk bar opened its doors to become the first shop in the town since a fish and chip business closed about 12 years ago. "The cheap price does underscore that there are some deals out there, but it is very much about what the buyer is trying to achieve. Work, groceries, entertainment and so on are all factors to take into account.This applied to other areas with significantly cheaper house prices, such as the West Coast, where economic drivers were more limited, and population pressures were not the same as in cities, he said.
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