Million dollar property sales, once a rare commodity on the Border, have become commonplace in the booming market.
A two-bedroom central Albury house built in 1927 sold for $1.19 million at auction on Saturday in front of a 150-strong crowd.
Three or four years ago we'd sell two or three [million dollar homes] a year, now it's a weekly occurrence
- Lachlan Hutchins, Stean Nicholls
Eight potential buyers took part in a fast and heated auction for 602 David Street - which Stean Nicholls auctioneer Jack Stean described as a hard-to-find red brick home in a tightly held area.
The property had been in the vendor's ownership for more than 50 years.
Stean Nicholls' Lachlan Hutchins said the final price exceeded expectations.
"We had 17 registrations and eight people bid," he said.
"It's a good indication of people wanting to get into this area of town, it's hard to find this block size so close to town."
On Friday, the agency sold 1/526 Macauley Street, a commercial property, for $1 million at auction. Mr Hutchins said million-dollar sales were becoming relatively normal in Albury.
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"Three or four years ago we'd sell two or three [million dollar homes] a year, now it's a weekly occurrence," he said.
Earlier Saturday morning, 742 Forrest Hill Avenue was passed in at auction after attracting a highest bid of $1.005 million.
The 1940s art deco home was described by Mr Hutchins as "a phenomenal home in arguably one of Albury's best streets."
Despite a turn out of close to 200 people, only two potential buyers entered bids for the property before it was passed in.
"It was a little bit disappointing, we thought we'd have more bidders than that but it will sell, that's for sure," Mr Hutchins said.
An East Albury property, at 288 Walsh Street, sold prior to auction after being advertised by Chapman May and Gould with a price range of $1.05 to $1.15 million.
In Lavington, a two-bedroom "character-filled red brick home" at 566 Union Road was sold for $250,000 shortly after being passed in at auction.
The Union Road property last sold in 2012 for $195,000, with Saturday's sale equating to a 28 per cent increase in value.
Auctioneer Phillip Bell of McGrath Real Estate said the market had been rising for the past 16 months.
"Since COVID, all it's done is push the market up and up and up," he said. "I don't see it changing for the rest of the year.
"Off the back of the last lockdown we've had so many inquiries from Melbourne."
Digital journalists with The Border Mail.
Digital journalists with The Border Mail.
