A HOUSE situated a block from the Warrnambool CBD was passed in at auction on Saturday.
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Auctioneer Bruce Ludeman said the four bedroom house was on a 1054 square metre block which meant there was the potential to subdivide the property.
"Just the land value itself is where the money is," he said.
"It's a spacious home on a lovely allotment and it's walking distance to just about everything."
The centrally located house attracted strong interest with about 40 people attending the auction and Mr Ludeman made a vendor bid of $800,000 before the property was passed in.
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Ludeman Real Estate director Nigel Kol said the result was disappointing.
"It's a little bit disappointing but you've got to be realistic and there is a fair bit of work needing to be done," he said.
"I think that's its achilles heel.
"Most of the houses that are selling have had all the work done.
"This is a great central position."
Mr Kol said the buyer would need to be someone who has a vision to restore the home.
"We'll see how things play out."
Meanwhile a Melbourne investor bought a three-bedroom house in Lance Court at auction on Saturday.
Auctioneer Matt Northeast opened the bidding with a vendor bid of $300,000 and the house was bought for $325,000.
"We had a quoting window of between $320,000 and $340,000 so it kind of fell in the middle which was nice," he said.
"The vendors were very happy, the purchaser was very happy, so it's a good result. I thought that was a fair result.
"It's tough at the moment because we really want the first home buyers to get their foot into the market but by the same token we need investors to get some housing because there's such a shortage of rentals."
The brick house was on a 785 square block with a large backyard.
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