"Well its happened! We have just purchased our first bit of dirt! Such an awesome start to 2016 - and the build is already underway! This is the view from our soon to be deck. Watch this space!" posted the jubilant couple on Instagram and Facebook.
The elevated property boasts sweeping panoramic views of the breathtaking central Otago landscape.
Ms Davies and Mr Thompson, who were branded villains of the show after deliberately scoring fellow competitors low to win challenges, had already set their sights on living near the southern resort town well before they had won.
Ms Davies, a personal banker, started a new job in Queenstown as soon as filming in Auckland finished.
The couple, and three others spent 10 weeks renovating four dilapidated villas in Sandringham for the reality tv show and selling them at auction on December 6.
All couples walked away each with record six figure profits but the Christchurch plumber and banker scooped top prize - an extra hefty $100,000 - after bagging a massive $190,000 profit on the sale of their Renfrew Ave property.
Apart from revealing the enviable view from their unfinished deck the couple have kept mum on the details of their new home.
But according to the Jack's Point Resident Owners Association they will not be free to construct a modern design of their own choosing.
Like the other 1,300 homes that will eventually be built in the subdivision the design will be subject to a number of building restrictions in keeping with the character of the lakefront development.
This means staying in keeping with simple architecture inspired by traditional rural homesteads and farm buildings of the region.
They are also expected to be use building materials reflecting the pioneering farming landscape including heritage stone walls and rustic timber gates.
The colour palette is also confined to natural tones to blend into the surrounding landscape.
