Market still strong as home sells for $2mplus
A SMALL, threebedroom 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.
Queenstown Lakes District Council planning documents reveal the weatherboard and galvanised ironroofed house at 116 Beacon Point Rd was originally built in the 1960s as a twobedroom 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 agent Matt Ecroyd said 22 bidders registered for the auction.
The opening bid was $1.2 million and six active bidders placed 54 bids.
Bidders came from Auckland, Tauranga, Christchurch, Wanaka and Wellington.
Bayleys Wanaka director Mat Andrews said the Wanaka market was ‘‘extremely strong’’.