Wanaka home sells for more than $2.1m

Covid-19 or no Covid-19, Wanaka’s property market is still booming after a small three-bedroom...
Covid-19 or no Covid-19, Wanaka’s property market is still booming after a small three-bedroom home sold for more than $2million last week. PHOTO: MARJORIE COOK
A small, three-bedroom Wanaka house was sold online for more than $2.1 million last week - more than double its rateable value of $930,000 and about five times what it might cost to build today.

Bayleys Wanaka agent Matt Ecroyd said 22 bidders registered for the auction.

The opening bid was $1.2 million and six active bidders placed 54 bids. The bidders came from Christchurch, Wanaka, Wellington, Auckland and Tauranga.

Queenstown Lakes District Council planning documents reveal the weatherboard and galvanised iron-roofed house at 116 Beacon Point Rd was originally built in the 1960s as a two-bedroom holiday residence for Miss A. Thompson, of Dunedin, by RW Firman Ltd, of Oamaru.

The estimated value of building the house was just over £1948, and the building consent fee was £9, according to a Lakes County Council consent issued in December 1965.

The Reserve Bank’s online inflation calculator shows housing that cost £1948 to build in 1966 would have cost $411,328 in 2021.

The house is set several blocks back from the lakefront. Bayleys Wanaka marketing information described it as a ‘‘cute crib’’ with ‘‘outstanding views’’.

A third bedroom and garage was added in the 1980s.

The rateable capital value is $930,000, attracting an annual rates bill of $3302.57.

The bulk of the rateable value is in the land (931sq m).

The property was sold in 1982 for $43,000, in 2003 for $525,000 and in 2014 for $620,000.

It spent just five weeks on the market and was auctioned last Saturday using Zoom.

Bayleys Wanaka director Mat Andrews said the Wanaka market was ‘‘extremely strong’’.

drivesouth-pow-generic-1_0.png

 

 

Advertisement

postanote_header_620_x_80.png

postanote_620_x_25.jpg

Local trusted journalism matters - now more than ever

As the Covid-19 pandemic brings the world into uncharted waters, Star Media journalists and photographers continue to report local stories that matter everyday - yours.

For more than 152 years our journalists have provided Cantabrians with local news that can be trusted. It’s more important now than ever to keep Cantabrians connected.

As our advertising has fallen during the pandemic, support from you our reader is crucial.

You can help us continue to provide local news you can trust simply by becoming a supporter.

Become a Supporter