The rapidly increasing Border housing market continues to climb with a South Albury home selling for nearly $1.3 million at the weekend.
The Hovell Street property, on the corner of David Street, was auctioned in front of about 100 people on Saturday.
An opening bid of $900,000 was made, which rose to $1.1 million within one minute as multiple people put in bids.
A Border woman made the winning bid of $1,265,000 for the three bedroom home about 10 minutes into the auction.
The sellers had purchased the block of land for $50,000 in February 1997 before building the house.
Auctioneer Lachlan Hutchins told those in attendance the block alone would today be worth $700,000 to $800,000.
In other auction results, a home on Percy Street in East Albury sold for more than $700,000, with the final price not disclosed.
The property last sold in January for $590,000, equating to a monthly increase of at least $18,300.
A property on Alexandra Street also sold for $642,000 after selling two years ago for $375,000, an increase of 71 per cent.
A Hume Street property sold for more than $400,000 while an auction on Grandview Terrace failed to attract any registered bidders and was called off.
Mr Hutchins told The Border Mail the housing market was strong, fuelled by demand.
IN OTHER NEWS:
"It's a really big result," he said of the Hovell Street house sale.
"We sort of expected it - we had about 90 groups of people through and 17 registered parties here today.
"South Albury is basically classed as central Albury now, especially in these first couple of streets.
"The market's still really strong, we're still getting heaps of numbers through, heaps of enquiries."
Mr Hutchins said the Sydney lockdown had led to a surge in enquiries from the city.
He has seen a sharp increase in property values in the past 12 months.
While the pandemic had been expected to dampen house prices, those leaving the cities for regional areas are thought to be behind a surge in values.
Central Albury's median house price has reached $645,000.
Wodonga's median house price is $401,000.
"It's hard to know what the market will do next," Mr Hutchins said.
"That depends on a few things, but I think Albury's going to continue to be an attractive place.
"People still want to move here.
"I can't see it slowing down, it might flatten out a bit but I can't see it dropping away much.
"There's just such strong demand at the moment."
Our journalists work hard to provide local, up-to-date news to the community. This is how you can continue to access our trusted content: