A decaying house in Auckland with no toilet just sold for $1.45 million, an indicator of how hot the New Zealand property market is getting

• A house in New Zealand with no toilet has sold at auction for $1.45 million.
• The 100-year-old home was marketed as a place "in need of urgent renovation."
• This sale follows the landmark auction of a Sydney home - also with no toilet - for $3.5 million.

A derelict home with smashed-in doors and no toilet was sold this week in New Zealand for a cool $1.45 million (NZ$2.075 million).

The house, located in the Grey Lynn neighborhood in Auckland, was described in its listing as a "classic 1920s bungalow" that is "lacking a bathroom and in need of urgent renovation."

"There's no need to spend money fixing someone else's mistakes or undoing their questionable taste. 39 Ariki St provides you with a blank canvas to do it once, do it right and do it your way," wrote real estate agents Matt O'Rourke and Ryan Harding on the listing.

The agents emphasized that the home's prime location made it "the most affordable character entry to homeownership" available in the upscale suburban Grey Lynn district.

New Zealand news site Stuff, which first reported on the sale, said the auction on the three-bedroom property, which sits on a 5,000 sq. ft. lot, opened at NZ$1.7 million (around $1.19 million) and closed at NZ$2.075 million.

The hefty price tag on this ramshackle property may come as no surprise to those who live in New Zealand. The Guardian reported in March this year that soaring prices have pushed average buyers out of the market, even for entry-level homes. In Auckland, where this bungalow with no bathroom was sold, the median price of a house is now ten times the median nationwide income for New Zealanders.

The sale of this Auckland home with no operable bathroom follows the landmark $3.5 million auction of a property in Sydney, Australia, which also came without toilet facilities. The pricey Sydney property was described in its listing as a "neglected period home" that had "uninhabitable interiors in need of major work."

Insider's Ben Winck also reported this year that the housing market in the US is at its hottest in decades. The current upswing in prices was attributed to a nationwide shortage of homes and people moving out of cities to less populated locales. Lumber being much more expensive is also making the process of building a home much pricier than before.