Apartment sells for almost $1.4 million

This Blue Peaks apartment fetched almost $1.4million at auction last week. PHOTO: SUPPLIED
This Blue Peaks apartment fetched almost $1.4million at auction last week. PHOTO: SUPPLIED
A Queenstown apartment has sold for an eye-watering $1.399million.

At 90sqm, that worked out to about $15,500 per square metre.

The price, which well exceeded expectations, was one of the highest ever paid for a Queenstown apartment of that size.

Bought by an undisclosed buyer at auction, the two-bedroom Blue Peaks apartment with a capital valuation of $630,000 had been owned for the past two years by Auckland couple Kate and Richard Thode.

They decided to test the market after their neighbouring three-bedroom apartment sold at auction for $1.275million.

Mrs Thode - who is a prominent interior designer - said they completely renovated their unit.

"I thought I over-specced it, initially, but obviously it paid dividends in the end."

Harcourts Queenstown managing director Kelvin Collins thought the price paid resulted from a lack of property in that sector of the market.

He believed the sale would help stimulate developers into building in-town apartments.

"Up till now, prices haven't been such that you could build an in-town apartment and make a buck off it."

It was understood record sale prices had recently been recorded in two other Queenstown apartment blocks, Beechwood Apartments and Alpine Meadows.

Meanwhile, a run-down Frankton tennis court last month netted just over $1million, and a humble old central Queenstown cottage sold at auction in July for $3million.

 - Philip Chandler

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