A Wanaka builder bought the north-facing 802sq m section for $105,000 on Saturday.
Real Estate Institute of New Zealand Central Otago spokesman Ross Rainsford said the purchase price of $105,000 was the lowest that he could remember for a section.
"It doesn't necessarily set a new standard for section prices, though," he said.
Given the economic situation, cashed-up buyers could take advantage of bargains, he said.
Auction bids for the section started at $50,000.
The previous owners had told their agent, Harcourts Wanaka, to sell the property.
Only one other bid was made, for $60,000.
The buyer's last bid was for $95,000, but after a discussion with the auctioneer, a final price of $105,000 was declared.
The section is in stage 1 of Timsfield, a recent subdivision in Lake Hawea developed by Dunedin-based Allan Dippie's company Willowridge Ltd.
Sections at Timsfield came on to the market for prices between $125,000 and $149,500, about two months ago.
Willowridge marketed the sections as "affordable" for first-time property buyers.
Its "Kiwi 1st" home-ownership scheme aims to create more affordable housing in the area.
