The former Warrnambool man bought the five-bedroom home for $3.067 million, netting renovators Elsye Knowles and Josh Barker a $550,000 prize packet.

Hughes, who watched the auction unfold flanked by former Bachelor Sam Wood, was excited to secure the property, which he described as a “forever investment”.

“It’s a good street, it’s going to be a great street forever,” Hughes said.

“Obviously it’s a lot of money but I just think that area is going to continue to improve, even thought it’s already really good.”

Buyers advocate Greville Pabst, who acted for Hughes at the auction, was not surprised the property sold for more than $3 million.

“I always thought I would actually need a little bit more than that,” he said.

“I think we bought really well. I was surprised more money wasn’t thrown at it and I didn’t have more competition, so I was really happy to get it at that price.”