Two Albury properties pass in at auction to be sold later after negotiations

Bidding for a three-bedroom, two-bathroom weatherboard home at the southern end of Olive Street, Albury, started at $400,000.

Agent Lachlan Hutchins from Stean Nicholls Real Estate told about 20 onlookers, including about three registered bidders, the house was ideal for first home buyers or, given its position in what was becoming an "Albury hotspot", attractive for investors given its rental potential.

"It's a corner block so you only have the one neighbour to the north, and one of the pluses of Albury's south is it's flat for an easy walk to Dean Street," Mr Hutchins said.

"The house has been fully renovated inside, bathrooms are new, two of them, the kitchen's all done, the cooktop, the stove, so you're walking into a very finished home where all the hard work has been done."

Bidding for the property quickly crept up in $5000 increments before being passed in at $460,000 and sold later for $480,000 after private negotiation.

Across town to the east on Kookaburra Way, bidding for a four-bedroom home with a swimming pool on a 878 square metre block started at $650,000.

Nicholas Clark from Stean Nicholls Real Estate said the demographic of the area was varied, but made up predominantly of families and mature-age couples.

"It's handy to everything, you've got the IGA, the homemaker centre, it's a beautiful, quiet area, it's just a great place to live, close to tennis courts, the base hospital, with an easy connection to Albury," Mr Clark said.

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"What's going on across the road? It's the property of Kevin Shanahan who had a massive hand in the development of the estate and that will be his personal residence.

"It's a single story, four bedroom home that won't impact your views and how much of a testament is that that the person that developed the estate is coming back here to live."

Bidding for the property started at $650,000, rose in $10,000 increments to $670,000 before being passed in at $675,000.

Negotiations were conducted after the auction with the block being sold for $695,000. About 30 people turned up at the auction, which was 30 more than the first auction of the year last Saturday. Mr Clark said auctions would probably pick up in coming weeks as the new year's market kicks in.

"What we're sort of seeing out of auctions that of the ones passed in, 90 per cent are sold in a week post auction if you've got a buyer, you've just got to get the last pieces (of finance) in place," he said. "Before COVID you could get finance approved within a week or two, what you're finding now it's taking people four or five weeks to get finance finalised."

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