A Warrnambool unit sold to a Victorian Labor MP for $100,000 above expectations at a hotly contested auction on Saturday.
The Gladstone Street one bedroom unit had a price expectation between $210,000 to $230,000 but after 38 bids from about five interested parties the property sold for $323,000.
Bids went up in increments of $10,000 before narrowing to bids of $5000, $2000 and $1000.
Labor MP Danielle Green and partner Michael McDonald, of Melbourne's Diamond Creek, were the buyers.
Ms Green grew up in east Warrnambool and bought the unit as an investment property.
"I have lots of friends living around this area, we know what a great spot it is, a dog beach nearby, beautiful Moyjil just a walk away and it's a cute mid-century modern," Ms Green said.
"I like getting my hands dirty and doing a bit of renovating, it's a bit of a hobby of mine."
Ms Green is Parliamentary Secretary for Regional Victoria and hopes her investment will "show the way" to others that there are property opportunities in the state's regions.
"Regional Victoria is a great place to invest and as part of my job I am constantly spruikingthe benefits," she said.
"A lot of people are revising how they want to live their lives."
Ray White Warrnambool sales executive Lachie Kelly said the sale was a "fantastic result".
"The supply is not quite meeting the demand. There was a really good turnout," Mr Kelly said.
"The three main players who came out towards the end; they were bidding from out-of-town."
The sale was angled towards first-home buyers, down-sizers and investors, he said.
"Twelve months ago, there was nearly 350 properties on the market, we're down to nearly 150 now," Mr Kelly said.
"There are still the same amount of buyers in the Warrnambool market place, but less property."
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