This house is minutes from Southland’s famous Oreti Beach but its “over $400,000” asking price is more than three times its rating valuation – and rising.

The property in Dune Crescent, Otatara, Invercargill, is featured in an unusual listing for a private sale on Trade Me, along with details of some of the many improvements needed.

Problems disclosed in the listing include the rotten iron on the garage roof, damaged tongue-and-groove flooring in three locations, sand in the ceiling, spouting in need of replacement, faulty wooden windows on the south wall and a water tank that often runs out of water. The listing also mentions a number of recent thefts.

It is described as a leasehold property, with the lease due to expire within 10 years (January 2032). A right of renewal is likely to be able to be negotiated, and the rent is thought to be about $1000 a year.

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Settlement can’t be until September, the listing adds, “due to KiwiSaver rules”.

The property was last sold for $93,500 in March. At the time, it was listed as a two-bedroom home but a floor plan in the current listing shows five bedrooms, including one in the conservatory, or six if you are prepared to put an extra wall up.

In the Trade Me listing, the vendor explains the asking price, which is triple the property’s $130,000 RV (rateable value) and more than four times the March sale price. “Reason for sale: $400,000 is 40% of $1 million. I want to buy a sheep & cropping farm for $1m – this house is the deposit. I will NOT accept any less. However, you're welcome to offer more!”

That price would be below the average for Otatara. According to Trade Me, medium-sized houses (three to four bedrooms) in the neighbourhood were listed for an average asking price of $842,650 in April.

The listing originally added: “I’ve just had a look around at what you can still buy for $400,000 and there’s not much. So I will be steadily putting the price up on this house by $10,000 per month.

“You can secure the house now before the price increases.” However, this was later removed.

The listing also said the property would be “worth $600k” soon.

It was worth more than he paid for it because of the fact it could have "five, six, even seven bedrooms”, a man who claimed to be the homeowner said when contacted by Stuff.

“You try to get a house like that: There isn’t a single house in the whole of Invercargill for that price with five bedrooms.”

He added that the home “would be all right if I had someone living with me, but I don’t.”

The listing has echoes of a Feilding home which has been listed on Trade Me for about 15 years – with an ever-increasing price. Roland Le Gal was originally asking $465,700 but the property, which is still on the market, is currently priced at $881,056.

In that private sale listing, Le Gal still points out the section is “prone to flooding” and he has the muddy photos to prove it. After rain, the driveway appears to be a bog that a tractor would have to negotiate.

Le Gal previously told Stuff: “You can probably guess what’s going on. I’m not really interested in selling. I’m just having a go at the council.”

The Invercargill listing mentions “you will need permission from the Invercargill City Council to buy this property from me”.

The man told Stuff a garage on the property needed to be removed.

The house does benefit from a one-year-old roof, the listing says, as well as 16 new wall plugs, six new light switches, a repaired water pump, paint, a new water cylinder cable and switch, and five electric wall heaters.

“I have done all that I can to this house without having to spend $$$,” the listing says. “Time for someone with deeper pockets to take over the reign's [sic].”

As a bonus, the property also comes with the sparse furniture which is pictured – mainly old mattresses, couches and rugs, as well as one massage table, as “my gift to you. Everything in the house. I don’t want it. I take the cash and walk away.”