The 1799sq m empty section was sold in April and finally settled this month to a South Island buyer who is "very familiar with Wānaka", Whitefox Real Estate agent Sara Cleugh said.
Ms Cleugh said the price was not a record, as it was too hard to compare given the various values of land and homes on the market.
"What’s special about the location is the views. You are still very close to town. It was back when sections were such a good size."
She said the price for land alone reflected these views and pieces of land were high in demand and rare.
Located just minutes from the lakefront and Wānaka township, the elevated section has uninterrupted views across Roy’s Bay and the surrounding mountains.
It was marketed as being surrounded by some of "Wānaka’s most elite properties".
Land of this size and location was becoming increasingly scarce in Wānaka, Ms Cleugh said. Most new developments had smaller sections and fewer elevated positions.
Ms Cleugh said having consented plans and renders ready for the site added value to the sale.
Similar prices are not unheard of for empty sections in the region. Last month, a bare section in Queenstown’s Lake Hayes Estate sold for nearly $7m at auction, placing it among the most expensive undeveloped residential sites sold in the region.
Ms Cleugh said she could not confirm the number of offers, but that the listing attracted "a significant level of inquiry from buyers across New Zealand and Australia".
