First there was Queenstown, then Wanaka, now the former gold mining settlement of St Bathans has been caught up in the real estate boom hitting parts of the South Island.
Monday, June 2nd 2003, 11:13PM
by The Landlord
The place is tiny and remote but if you own property, you can just about name your price.
An auction last week saw a two-bedroom stone cottage built in 1879 with a rateable value of $28,000 and two adjoining sections sell for $242,000. The buyer, Queenstown property developer Peter Waters, said he would have bid to $300,000 if necessary.
In March, the old St Bathans hospital house bought in the mid-'80s for $28,000 went under the auctioneer's hammer for $115,500. It had a rateable value of $40,000.
Owner Kay Adam was told if she got $80,000 it would be a good result. "I think I've done very well," she said.
But why is St Bathans so popular?
It is two hours north west of Dunedin at the foot of two mountain ranges, amongst some of the most spectacular scenery in the South Island.
