Queenstown cottage sold for $ 3 million

A Queenstown cottage in the same family for 75 years has sold for $ 3 million.

The 100sqm cottage on Brisbane St in the center of the tourist resort of Otago, but not on the seafront, has three bedrooms, an original

The Harcourt agent Simon Hayes stated that the property dates back to the 1880s, but that the selling price was the land and not the cottage. "We believe [the section is] smaller than what he said on the title … about 1000 m2."

The property was in an area that allowed to build up to three dwellings on the site. It was evaluated last year by the value of Quotable (QV) at $ 2.63m.

The selling price worked at about $ 3,000 per square meter, one of the city's highest sales lately. "[The bidding] was not fast and furious, he was reasonably solid … in the end, there were two parties bidding for it."

Hayes thought that with time the new owners could probably demolish the house and rebuild The Otago Daily Times understands that buyers are a family based in Queenstown.

Last week, the Central Otago Lakes area, including Queenstown, remained the least affordable region of the country, despite data from the Real Estate Institute (REINZ) indicate that in May, Queenstown prices have fell by 7% to $ 820,000 and those of Wanaka by 0.5% to $ 865,000. QV data for May showed that Queenstown values ​​rose 9.6% to $ 1.15 million.