1980s South Island home sells for $1.6m

963 Frankton Rd sold for $1,690,000. PHOTO: SUPPLIED
963 Frankton Rd sold for $1,690,000. PHOTO: SUPPLIED
A modest 1980s holiday home in Queenstown fetched more than $1.6 million at auction last week.

Following a bidding war at a Bayleys auction last Friday, a local buyer successfully bid $1,690,000 for 963 Frankton Rd -— an 837sqm property, with a capital valuation of $1,050,000, occupied by a 1980s holiday home.

Twenty-four bids, starting at $900,000, were placed.

"We had 16 bidders in the room, and we were almost out of agents to allocate to phone bidders [around New Zealand]," Bayleys Queenstown sales manager Stacy Coburn said.

"It’s the first time I’ve seen some real heat in our market, and there was some serious competitive bidding, which we haven’t seen for some time.

"I think the lack of inventory in Queenstown, in general, especially something like that, which is relatively unique, does drive the price up, because it’s hard to replace."








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