The 387 Day Street property last sold in August 2002 for $156,000.

On Saturday, bidding started at $500,000, with four potential buyers competed for the 1,619sqm property.

Auctioneer Doug May told the crowd great sale results had been reported across Albury recently and this property would be no different.

He said the successful bidder could build their dream home on the large block or create a sub-division.

After competitive bidding, a determined buyer purchased the property for $725,000.

The sale represented a 365 per cent increase in the property's value in just under two decades.

Chapman Gould and May director Stephen Stewart said the auction was well contested and the result was pleasing for all parties.

"The property has been in the same ownership in many years so the increase for the current owner is significant," he said.

"Whether it's short or long term holds on property in the Albury region at the moment, the results are very pleasing."

Mr Stewart said across Albury property values were increasing, but it wasn't just confined to the city.

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"We're seeing it throughout the region," he said.

"[The market] is a little bit hard to predict at the moment, but obviously people are starting to see the true value in the region which is fantastic."

Elsewhere in West Albury, a five-bedroom home at 66 Rosedale Drive property sold for $631,000 at auction on Saturday.

The property, which was auctioned by agent Stean Nicholls, last sold in November 2019 for $440,000.

The $191,000 price bump represents a 43 per cent increase in value in less than two years.

Another property at 258 Bernhardt Street in East Albury was passed in at auction after attracting a top bid of $600,000.

The bid was not accepted by Stone Real Estate auctioneer Craig Huckel as it was below market expectation.

The three-bedroom home last sold in September 2002 for $200,000 and is positioned in "one of the best streets in Albury".