The three speeds over 140kmh were recorded as part of a survey the New Zealand Transport Agency (NZTA) carried out from May 24 to June 1, after a local resident raised concern about the stretch of State Highway 1 at the northern end of the town.
A third of the 16,731 speeds recorded were over the limit, with the fastest well over double the limit at 157kmh.
However, the average speed over the period was just under the limit at 67kmh. The survey included all traffic travelling south.
Mr Collings said he was concerned about the number of people recorded driving well above the speed limit, particularly the "three idiots" caught more than twice the limit.
Those sorts of speeds were "potentially fatal" in an urban area such as Waikouaiti and the community board would discuss ways to stop the behaviour.
"We sure as hell will provide the information to the police and will encourage them to ...have a look at the area more closely," he said.
Some residents in the area wanted the 70kmh speed limit reduced to 50kmh, Mr Collings said. He had passed their concerns on to the NZTA, which said it would carry out a review.
The agency would also investigate funding an electronic sign showing drivers their speed as they came into Waikouaiti.
NZTA Otago/Southland highways operations manager Roger Bailey said the number of drivers recorded well above the speed limit in the area was "not unusual".
