Two-bedroom Wānaka home sells for $11.9m

A Wānaka property with a dated two-bedroom home has sold for more than $4 million above its official valuation.

The 1.13-hectare corner site on Eely Point Road has fetched a whopping $11.9 million.

The sky high price doesn't come as a surprise to Ray White's Duncan Good, one of the agents marketing the property and who brokered the December sale.

He says the section's a "rare" thing - large, established and close to the lake, in an area that's being dubbed Wānaka's "Golden Triangle".

The 1.13-hectare corner site close to Lake Wānaka at Eely Point has fetched a whopping $11.9 million. (Image: Ray White/Simon Darby).

Also in its favour, established trees, significant road frontages and only 200 metres to Eely Point Reserve, he says.

"The property generated strong interest from both wealthy individuals looking to secure one of Wānaka's last remaining large established land parcels by the lake, as well as developers eyeing the potential here given the low density zoning in this highly desirable area of Wānaka.

"While there was interest from abroad, the genuine interest came through our existing contacts who have long standing affiliations with the Wānaka area."

He isn't commenting on the vendors, however the property has been marketed as a "stunning and secluded piece of land" that has been "tucked away in one of Wānaka's most sought after spots for generations".

The site houses a dwelling and an original cottage "in a park-like setting", its listing says.

The council has a value of just $300,000 on the buildings (Image: Ray White/Simon Darby).

A feasibility study prepared by the sellers states the flat land's capable of supporting at least a 20-site subdivision.

"Any future development of this site will create highly desirable sections in this popular area of Eely Point," Mr Good says.

The Queenstown Lakes District Council valuation puts the property's worth at $7.8 million, with the current buildings accounting for only $300,000 of that.

Main image (Ray White/Simon Darby): 27 Eely Point Road in Wānaka has sold for more than $4 million above its CV.