Premium Wanaka lake view section sells for $3.5 million

A vacant plot of land in one of Wanaka’s most sought-after streets has sold for $3.5 million.

The 1799sqm section on Tiffany Lane was sold by Whitefox Real Estate after strong interest from buyers on both sides of the Tasman.

The agent behind the sale says the result reflects growing demand for rare, high-end property in the region.

Senior adviser and negotiator for Whitefox Sara Cleugh said she could not confirm the number of offers, but that the listing attracted “a significant level of enquiry from buyers across New Zealand and Australia”.

Located just minutes from the lakefront and Wanaka township, the elevated section offers uninterrupted views across Roy’s Bay and the surrounding mountains.

Cleugh said the scale and location of the site made it especially attractive to well-informed buyers.

“Views, location and land size. Simply put, they don’t make them like this anymore,” she said.

“The views are absolutely generational.”

An artist's rendition of the section's building potential. Image / Supplied

The buyer was a New Zealand-based purchaser with “strong ties to the region” who recognised the long-term value of securing a rare landholding of this calibre, Cleugh said.

Land of this size and location is becoming increasingly scarce in Wanaka, with most new developments offering smaller sections and fewer elevated positions, Cleugh said.

“Sites like this are genuinely once-in-a-generation opportunities,” she said.

“Wanaka, as it stands today, is fast running out of land parcels of this calibre.”

Cleugh said having consented plans and renders ready for the site added value to the sale.

“It can significantly speed up the build timeline, which many purchasers value,” she said.

She said that the sale was indicative of a broader trend in the region.

“We’re seeing continued strength in the premium end of Wanaka’s market, particularly for properties with views,” Cleugh said.

“High-quality assets, especially those with development potential, unique locations or views, are still generating strong interest and achieving standout results.

“As Wanaka becomes less of a ‘well-kept secret’ and more of a must-have destination, properties like this will only become harder to secure.”

Last month, a bare section in Queenstown’s Lake Hayes Estate was sold for nearly $7m at auction, placing it among the most expensive undeveloped residential sites ever sold in the region.

Ben Tomsett is a multimedia journalist based in Dunedin. He joined the Herald in 2023.