A "renovators' dream" in the growing suburb of South Albury sold well above expectations on Saturday after attracting competitive bids from multiple sources.
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The aging three-bedroom home on 692sqm attracted a flurry of bids on Saturday before selling for $401,000.
The 280 Olive Street property last sold for $260,000 in 2016, with Saturday's purchase price a 54 per cent increase in value in five years.
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Selling agent Gabrielle Douglas, of McGrath Albury-Wodonga, said the agency had received a lot of interest in the property.
But the price still exceeded expectations.
"It was a real opportunity to get into the market for buyers at all different levels; first-home buyers, developers, people looking to do it up and people looking to knock it down," she said.
"It's the entry price for the market now."
Auctioneer Phillip Bell said the South Albury region had "come of age" recently and was attracting plenty of interest.
"There's been great growth in the past 12 months and it's very, very likely to continue in the next 12 months," he said.
Mr Bell told gathered bidders the property was a blank slate that could be renovated, rebuilt or developed into multiple dwellings.
He said overall the market was very strong at the moment and would likely only continue to get stronger and more expensive.
Over in West Albury, a five-bedroom recently renovated house on 1966sqm was sold for $1.24 million after heated competition from two bidders.
"It was an outstanding property," Ms Douglas said.
"It was purchased 12 months ago and the vendor totally, totally renovated it."
In the 12 months since the property sold for $753,000 in April 2020 and with renovations, the home's value increased 69 per cent.
Ms Douglas said both vendors should be very happy with the results.
Digital journalists with The Border Mail.
Digital journalists with The Border Mail.
