Gone in 120 mins: 25 Queenstown sections

Hanleys Farm subdivision is between the base of the Remarkables and Lake Wakatipu. Photo / Facebook

Twenty-five sections at one of Queenstown's newest subdivisions were snapped up within two hours on Saturday.

As the average house price in the resort hit $1 million, Melbourne-based developers RCL Group released stage three of its relatively affordable neighbourhood.

Hanley's Farm is a planned 1750-section development next to Jack's Point golf course and neighbourhood, between the base of the Remarkables and Lake Wakatipu.

Saturday's release means a tenth of those sections have now been sold - for prices ranging from the low $200,000s to $300,000.

RCL chief executive David Wightman said: "Demand is very strong.

"But we're remaining competitively priced because we're here for the long haul and want people who are building to live in and to stay.

"A happy community gives life to a sustainable project."

Saturday's sections ranged from 450sq m for $250,000 to 632sq m for $300,000. Titles will likely be issued towards the end of 2017 or beginning of 2018.

Wightman said: "We're continuing to release sections to the market in stages where we know we're going to be able to deliver them within a reasonable amount of time.

"This was the next logical bite-sized step."

Queenstown family Scott, Brittany, Mikayla (3) and Jacob (1) Schwendemann bought a 516sqm section.

Electrician Scott Schwendemann said: "We're delighted. We've been looking on and off for a couple of years.

RCL has started construction on stage one of the development. It also released plans for a large park with substantial play area, fitness equipment, running tracks, barbecues and toilets.