text: 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.
target: House sold for more than $1.25 million below value after owners put it on the market for just ONE DOLLAR .
  The four-bedroom home near Auckland, New Zealand, was valued at $1.5 million and sold for $125,000 .
  The price was almost ten times lower than the average in Sydney, and almost six times below Melbourne .