Otago village with $2.8 million price tag hits global headlines

Lake Waitaki Village, built during construction of the Waitaki Dam, is for sale. Photo / Otago Daily Times

The sale of a small village in North Otago has hit headlines around the globe more than two years after the unique property went on the market.

Lake Waitaki Village, built during construction of the Waitaki Dam, was put on the market two years ago and is yet to sell, perhaps because of its $2.8 million price tag.

The property includes a 190sq m cafe/bar, a seven-bedroom lodge and eight three-bedroom houses.

But that hasn't stopped it from making headlines across the world after The Guardian ran a story yesterday.

Since then it has been picked up by the South China Morning Post and covered by the New York Times.

Real estate agent Kelli Milmine told The Guardian there had been "heaps" of interest, including from foreign nationals and people wanting to set up a boutique farm or a communal living arrangement.

However, the sale of the property was complicated by the foreign buyer ban and domestic buyers baulking at the high price.

The village, considered the birthplace of New Zealand's social welfare system, at one point the 1930s village was home to 3000 people.

Back in 2016 when it was first put up for sale, owner Kevin Brookes said there was a range of options for potential buyers, which included adding caravan parks, tent sites or subdividing.

He and Maureen Clifford had developed the property with a view to keeping its future use open.

Roughly 7km from Kurow, on the Alps 2 Ocean Cycleway, the property could be bought by an operator looking to capitalise on the soon-to-be-completed part of the national network.

The village sits on a 14ha property and is listed as negotiable from $2.8m.

Its rateable value is $1.2m.