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5 Payne Place, Arrowtown, Queenstown Lakes, 0 Bedrooms, 0 Bathrooms, Section

Sold: $1,225,000

Sold on 2024 Year 2024 Month 11 Day 04

5 Payne Place, Arrowtown, Queenstown Lakes

693m2

Welcome to 5 Payne Place, a serene freehold property nestled in the picturesque cul-de-sac of Arrowtown, Queenstown Lakes. This vacant residential section spans 693sqm, offering an unknown roof and wall construction, but with the promise of a solid foundation for your dream home. The site boasts a level contour, north-facing orientation, ensuring abundant sunlight and stunning mountain views, especially vital during the winter months. With close proximity to highly rated schools, including Arrowtown School and St Joseph's School, both with a decile rating of 10, this property is not just a piece of land but an investment in a premium educational zone.

Since 2017, the capital value has seen an impressive increase of 67.92%, from $530,000 to the current $890,000 as per the government valuation. The HouGarden AVM estimates the property's worth at $815,000, while the latest sale in the area sets the market at $1,225,000, indicating a high potential for further value appreciation. This is a rare opportunity to own one of the few undeveloped sections in Arrowtown, with the added benefit of potential subdivision, making it an attractive prospect for developers and families alike.

Located in a quiet and safe neighborhood, the property is within walking distance to the local school, Arrowtown's main street, and all the amenities this historic town has to offer. It's a chance to build not just a home but a legacy, with the land having been in the same family for 40 years. This unique piece of subdivisible land is up for auction, presenting a golden opportunity to become part of the prestigious Arrowtown community.

Updated on December 04, 2024

Council Data

Last update : 2024 12 11
View typeNo appreciable view
ContourLevel
Land area693m²
TitleOT8D/1036
Type of titleFreehold
Legal descriptionLOT 16 DP 17272
CouncilQueenstown Lakes
Estate descriptionFSIM,1/1,LOT 16 DEPOSITED PLAN 17272,693m2
ConstructionExternal Walls: Unknown
Roof: Unknown
ConditionExternal Walls: Unknown
Roof: Unknown
ZoningLow Density Residential Zone

School zones

Name
Distance
Type
Year
Attribute
Gender
Score
Decile
Arrowtown School
0.50 km
Primary
1-8
Government
Co-Educational
EQI: 391
10
St Joseph's School (Queenstown)
16.79 km
Primary
1-8
Government
Co-Educational
EQI: 389
10

Property history

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For developers

Unitary plan:Low Density Residential Zone
Land:693m²
Title:Freehold

Payne Place Neighborhood and Surrounding Data

Mortgage

Sold nearby

Address
Distance
Bed
Bath
Floor area
Sold date
Sold
Data source
11 Cornwall Street, Arrowtown
0.11 km
4
2
120m2
Year 2024 Month 12 Day 11
-
Council approved
3/21 Inverness Crescent, Arrowtown
0.27 km
2
1
60m2
Year 2024 Month 12 Day 06
-
Council approved
3/23 Inverness Crescent, Arrowtown
0.29 km
1
1
60m2
Year 2024 Month 10 Day 09
$765,000
Council approved
19 Inverness Crescent, Arrowtown
0.26 km
3
118m2
Year 2024 Month 09 Day 10
$1,505,000
Council approved
10 Preston Drive, Arrowtown
0.38 km
5
221m2
Year 2024 Month 08 Day 01
$2,835,000
Council approved

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