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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