Online auctions are encouraging out-of-town buyers and driving prices up, one Border agent says.
Andrea Lever, of Ray White Albury North, said an online auction for a block of four units in Lavington sold for $98,500 over the reserve on Friday.
The units at 584 Webb Street sold for $898,500 after heated bidding drove the price above expectation and caused the auction to run for more than 30 minutes.
"It was amazing, we had over 50 bids made and 11 registered bidder," she said.
"It was interesting, of the 11 bidders only one was local, everyone else was from out of town. The property's uniqueness lies in that it's four units on one block and strata title."
Ms Lever said while online auctions were relatively new, these were great at getting out-of-town buyers involved and could become a staple of modern real estate.
"I think online auctions really build momentum and are probably the thing of the future," she said.
"Obviously we were forced into them but we've had great success - maybe it is going to be the new normal."
IN OTHER NEWS:
A three-bedroom home in West Albury that sold on Saturday increased in value by 145 per cent in just over 20 years.
The property at 566 Spurrway Drive was last being bought in 2000 for $135,000 but sold on Saturday for $331,000.
Auctioneer Philip Bell, of McGrath Albury Wodonga, said the Border market would likely see another growth spurt once lockdown in NSW and Victoria lifted.
"There's no questions we've seen the market rising here in Albury the last 16 to 18 months," he said.
"I think you'll find the gates will open in the not-too-distant future in Sydney and Melbourne and we will see an influx of buyers.
"We're already fielding phone calls."
Mr Bell also oversaw the sale of 834 Watson Street, Glenroy, which sold for $371,000.
The extensively renovated home last sold in January 2021 for $195,000. Before then it sold in February 2010 for $185,000.
The latest sale represents at 90 per cent increase in value in just a year and nine months.
Across the border in Wodonga, 37 Wilson Street sold for $415,000
The original weatherboard cottage on a corner block, sold by One Agency Albury Wodonga, attracted competitive bidding from about five parties.
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