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A “cute crib in Wanaka was sold at a Zoom auction during Covid restrictions on Saturday for just over $2.1million, more than double its rateable value of $930,000 and about five times what it might cost to build in today’s market.

Planning documents held by the Queenstown Lakes District Council reveal the three-bedroom 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 Lakes County Council consent issued in December 1965.

The Reserve Bank’s online inflation calculator shows housing that cost 1948 in quarter one of 1966 would have cost $411,328 in quarter one of 2021.

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

The value of improvements (the buildings) is $10,000. The bulk of the rateable value is in the land (931sq m).

Core Logic’s Property Value website reveals the property sold in the 1982 for $43,000 and again in 2003 for $525,000 and in 2014 for $620,000.

Bayleys Wanaka marketing information said the “cute crib” had “outstanding views”.

The third bedroom and garage were added in the 1980s.

Further building additions, including a log burner, were approved in 2013.

The property spent just five weeks on the market and was auctioned last Saturday during Level 3.

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

The opening bid was $1.2million. Bidders were from Auckland, Tauranga, Christchurch, Wanaka and Wellington.

Mr Ecroyd said the house offered the “astute buyer an exciting opportunity”.

It was just a short drive from Wanaka’s town centre and the lake and the site could be developed.

Bayleys Wanaka director Mat Andrews said from his own company’s perspective the Wanaka market was “extremely strong”.

There was a shortage of listings across the spectrum and many buyers were looking for the “right property”.

Activity in lockdown had been steady, he said.