Wodonga property sells for more than $1 million after auction in another strong day for housing market

A two-bedroom townhouse in East Albury, located a short walk from the city's centre, was sold under the hammer for $585,000 by Brian Phegan Real Estate.

Agent Brian Phegan said 2/537 Schubach Street was a first class property.

"It was a well-attended sale with spirited bidding from people out of town and locals," he said.

"It's a great contemporary property just over the Harold Mair Bridge into town, so it's very close proximity to the CBD.

"It was a very good result and again shows a strong market."

Stean Nicholls Real Estate also had a successful day with two sales reached north of the border.

A four-bedroom, two-bathroom dwelling situated on 19 Southern View Drive in West Albury attracted several bidders and was eventually knocked down for $735,000.

The agency also had a strong result with 580 Electra Street in East Albury, which sold for $650,000.

Meanwhile, a renovated period home in central Wodonga sold after auction for an undisclosed price but received a bid in excess of $1 million.

An opening offer of $900,000 was accepted for 2 Wilson Street, a four-bedroom and two bathroom house, with an additional studio and ensuite at the rear of the property.

Auctioneer Philip Bell, of McGrath Real Estate, followed up with a vendor bid of $950,000, which was then met by a $25,000 increase to take it to $975,000.

Mr Bell used a second vendor bid to lift the offer to the $1 million mark before the auction was paused for negotiations with the property owner.

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A further offer of $10,000 was taken before the property was passed in and discussions commenced with the highest bidder.

"Real estate has been seen as the most solid investment over time," Mr Bell said.

"Over the last 40 years I've been working in this industry, I've never seen property market go backwards except when the stock market crashed in the late 1980s.

"This particular home offers all those things that people look for in property with a central location, not on a super busy street.

"It's lock up and leave. All the work has been done and it's been done to an exceptionally high standard.

"The vendors have been here more than 20 years and they've done an amazing job.

"If you build a house with a project builder, with all due respect, it will be dated in 15 years time, whereas this will hold its own for a long time."

Mr Bell said there were also several parties interested that couldn't purchase under auction conditions.

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