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

The 100sq m cottage on Brisbane St in the centre of the Otago tourist resort, though not on the waterfront, has three bedrooms, an original coal range, an open wood fire and a claw-foot bath.

Harcourts agent Simon Hayes said the property dated to the 1880s but the sale price was about the land and not the cottage. "We believe [the section is] fractionally bigger than what it said on the title ... roughly 1000sq m."

FOR MORE PROPERTY NEWS AND LISTINGS GO TO ONEROOF.CO.NZ

Advertisement

The property was in a zone that meant up to three dwellings could be built on the site. It was last year valued by Quotable Value (QV) at $2.63m.

The sale price worked out to about $3000 per square metre, one of the town's higher sales in recent times. "[The bidding] wasn't fast and furious, it was reasonably solid ... in the end there were two parties that were bidding for it."

Hayes believed that in time the new owners would likely demolish the home and rebuild.

The Otago Daily Times understands the buyers are a Queenstown-based family.

Last week it reported the Central Otago Lakes area, including Queenstown, remained the least affordable region in the country, despite a $67,000 decline in prices in the last quarter, to $708,000.

Real Estate Institute (REINZ) data showed that in May Queenstown prices were down 7 per cent on a year ago to $820,000 and Wanaka's rose 0.5 per cent to $865,000, while QV data for May showed Queenstown values had risen 9.6 per cent to $1.15m.