After the auction an offer of more than $700,000 was received for the Beach Street property.
MONEY flowed in for a Port Fairy beachfront house selling for more than $700,000 after auction on Saturday.
However, it took a bit of persuasion to get the action going.
Auctioneer Brian Hancock, of Brian O’Halloran and Co, opened with a vendor’s bid of $690,000 for the two-level property on Beach Street, but didn’t get a show of any hand from the crowd of about 50 people.
“After the auction we had three parties interested in it and the final price was well in excess of $700,000,” he said.
“It went to an out-of-town buyer from a farming background. The property was well presented and provided a rare opportunity to buy something in Port Fairy with absolute sea views.
“It was a good result in the current economic climate.”
About an hour later at Terang another farmer bought a renovated three-bedroom house on Baynes Street for close to $300,000 after auction.
David Falk, of Falk and Co Real Estate, said more than 30 people turned out for the on-site auction.
“Bidding opened at $290,000 and was sold afterwards for a higher figure,” he said.
“It was a very good result for both parties. The farmer bought it to retire in.
“Terang is a good retirement town with a hospital, rail service and a good array of shops.”
pcollins@standard.fairfax.com.au