A three-bedroom East Albury home which was purchased for $262,000 ten years ago sold for $1.02 million at auction on Saturday.
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The auction of the fully-renovated 204 Bernhardt Street property attracted a significant crowd and heated bids from four potential buyers.
Stean Nicholls auctioneer Jack Stean said with builders booked up 12 months in advance the turn-key house was the perfect purchase and a rare find in East Albury.
The sale price represents a 290 per cent increase in value since it sold for $262,000 in 2011 according to realestate.com.au.
After competitive bids, the home was bought by a couple for $1.02 million, $90,000 above the reserve of $930,000.
Stean Nicholls sales executive Mikaela Gould said the heated competition and big crowd had resulted in an outstanding result.
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"The vendor will be really happy and happy it's gone to a lovely couple," she said.
In Leneva, a rural lifestyle property at 2206 Beechworth-Wodonga Road, was conditionally sold after being passed in at auction with a highest bid of $915,000.
Agent Michael Weller of Corcoran Parker said after being passed in they negotiated with the highest bidder but were unable to come to an agreement.
However, the property was purchased later on Saturday for an undisclosed amount by a very keen party who was unable to participate in the auction as the purchase is subject to financing.
"At the end of the day we have a happy vendor and that's the most important thing and we have a happy purchaser," Mr Weller said.
It is one of three Beechworth-Wodonga Road properties up for sale, with the other two, 2344 and 2205, expected to fetch $2.6 to $2.7 million and $1.9 to $2 million respectively.
In North Albury, a six-unit block, with an annual rental income of $56,680 sold for $850,000 on Saturday.
Auctioneer James Veneris, of Georgette Nehme Real Estate, said the units at 379 Tarakan Avenue were all currently rented and subject to existing tenancies.
He said properties like this were "as scarce as hen's teeth".
"When they do come on the market they don't last long," he told the gathered crowd.
After a slow start to the auction, the property sold to the successful bidder for the reserve price of $850,000.
The value of the property increased 17 per cent in four years since it sold for $726,000 in 2017.
Georgette Nehme said selling for the reserve price showed the property was correctly valued.
"We're very proud and very happy and ready to crack the champagne," she said.
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