City bidders making their return expected to boost auction action

Seven out of eight properties auctioned on Saturday were sold by Stean Nicholls Real Estate.

A property with subdivision potential in Albury's CBD fetched $1,602,000 at auction on Saturday.

The 1472 square metre block at 517-519 Guinea Street was sold as one title.

The property near the Star Hotel, consisting of two red brick homes, has been approved for subdivision.

Auctioneer Lachlan Hutchins anticipated it would be the subject of development.

"We expected it would go well, just given how unique it is as a big bit of land in central Albury," he said.

"It was sold to a phone bidder, but a local.

"We had a few surprises - (685) Pemberton Street was a real surprise and went well above reserve, in the high sixes.

"We had one in Stedman Crescent that went for the high sevens, which again was a huge result."

Saturday's auction action began with a unique 1930s art deco property in central Albury.

The home at 753 Jones Street was built by architect James Wallace Sproule, who also designed homes on Grafton, Bellevue and Beyer streets.

The property attracted a maximum bid of $760,000 and was passed in, but was sold after auction.

"It probably didn't have the competition we were hoping for, but it still sold exactly where we thought it would end up, in the mid eight hundred (thousands)," Mr Hutchins said.

The easing of restrictions in NSW from Monday allows for people in Greater Sydney who are fully vaccinated to be able to travel into the regions for work, inspecting property and other reasons, but can't be travelling for a holiday.

Mr Hutchins expects it will boost the competition.

"Park Lane sold to a guy from Victoria who was finally able to commute up to look at real estate," he said.

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"I think we're going to see more of them when restrictions ease."

Mr Hutchins told bidders in Jones Street not to hesitate.

"I think we're going to see another influx of people from the city who come here and buy real estate," he said.