The 286sq m property, with a $590,000 government valuation, consists of two apartments in a near-new complex which provides a swimming pool, tennis court, gym, spa, sauna and games room for the use of residents.
Harcourts Wanaka sales consultant Stephen Hughes said the property was being offered without a reserve, in an effort to help it stand out from the crowd in the current buyer's market.
Unit 7, at 146 Anderson Rd, on the north side of Wanaka, consists of a three-bedroom fully-self contained apartment with mountain and lake views, and below that a two-bedroom apartment, also self-contained.
The auction will happen on site at noon on Saturday, October 4.
Given the slowdown in the real estate in recent months, and particularly the hesitancy of potential buyers, the North Island vendor had decided to take the dramatic step of offering the property for sale via a no-reserve auction in an effort to attract interest, Mr Hughes said.
The property had initially been offered for sale about a year ago.
"Price has now been taken out of the equation and basically whoever makes the highest unconditional offer on the day will own this property, potentially picking up a real bargain depending on how the bidding goes," he said.
Both apartments have open plan lounge-dining-kitchen areas and internal-access garages, with about $50,000 furniture included in the sale.
Mr Hughes, who has been in property sales in Wanaka for two years, said this was the first "no reserve" auction that he knew of in the town.
During an earlier discussion with Mr Hughes, the vendor had initially raised the possibility of including a new Mercedes car in the package, or offering a low reserve of $100,000 or $200,000.
Mr Hughes was cautiously optimistic of a positive outcome from the auction.
Buyers could use the property flexibly, by taking up permanent or part-time occupancy of one or both apartments, he said.
