Lavington property sold under hammer after 20 bids for two-bedroom home

The Urana Road home, set on 986 square metres of land with rear lane access, was eventually snapped up for $351,000 after a marathon auction spanning 20 bids.

An opening offer of $285,000 was accepted by Ray White Albury North auctioneer Alex Pattaro, and it steadily climbed to $315,000 in $5000 increments, which got it on the market.

However, the auction was far from over as two parties continued to vie for the house, which last transacted for $200,000 in 2012, with three more $5000 bids, before a rise of $7000 took the price to $337,000.

Offers varying from $3000 down to $500 followed with neither side willing to back away before the hammer eventually fell at $351,000.

"It's been a well inspected property throughout the campaign with an abundance of bidders registered," Mr Pattaro said.

"The property has development potential, subject to council approval. It could turn into an incredible investment opportunity.

"It's in an exceptional location close to amenities, shops and schools."

The agency also sold a three-bedroom, two-bathroom house on Parnall Street in Lavington.

A vendor bid of $500,000 kicked off proceedings, before it was beaten by an offer of $510,000.

The auction was then paused for about 20 minutes before the lone bidder agreed to up the price to $517,000, which put the property on the market and was enough to secure it.

"It boasts so much space internally and externally," Mr Pattaro said.

The home has an estimated rental income of $550 per week.

A two-bedroom, two-bathroom unit on East Street in East Albury was passed in after a vendor bid of $235,000.