Lake Hayes section bought for £100, sold for $1.2m

A £100 investment 45 years ago realised more than $1 million yesterday, when an undeveloped site at Lake Hayes went under the hammer.

Locations' senior auctioneer Alan Sutton said more than 30 people attended the auction at 89 Lake Hayes-Arrowtown Rd, at the edge of Lake Hayes.

The site attracted 58 bids, with the 809sq m site eventually selling for $1,205,000.

The rateable value of the property was $1,025,000, Mr Sutton said.