The Port Fairy Youth Hostel looks set to continue as accommodation, after it was snapped up for above the asking price of $2.3 million.
Robertson Port Fairy Real Estate agent Di MacKirdy said the historical property was sold via an online auction.
Mrs MacKirdy said there had been strong interest in the property when expressions of interest were called for.
She said there were three main parties interested in the 17-bedroom property - one from England.
"We decided to have our first online auction through Openn Negotation and one of the parties involved was able to bid from his own living room in England," Mrs MacKirdy said.
The opening bid was $2.3 million and the buyer in England, who is originally from Camperdown, was the successful bidder.
Mrs MacKirdy said the online auction was a huge success, with a number of parties given a virtual tour of the property via Zoom in the lead up to the event.
"The bidding opened at $2.3 million, there was enthusiastic bidding and the vendor was very happy with the outcome," she said.
Mrs MacKirdy said the buyer would continue to operate the property as a youth hostel, which was great news for the town.
She said he hoped to run it himself in the future, but had family in Australia who could take it over in the interim.
"The vendors are pleased to know the property is in great hands and it will continue to run as a youth hostel," Mrs MacKirdy said.
Robertson Real Estate had its second online auction on Saturday for a two-bedroom cottage in Cox Street in Port Fairy.
Mrs MacKirdy said there were about 60 bids submitted, with the eventual price well over the starting bid of $875,000.
She said there was high interest in properties in the seaside village and very little on the market.
"I've worked here for 11 years and I've never experienced stock levels as such a low level," Mrs MacKirdy said.
She said there was strong interest in all price ranges.
"Traditionally properties in the $650,000 to $850,000 are the most hotly contested, but the higher range is also attracting a lot of interest," Mrs MacKirdy said.
"At the moment it seems that any price range is moving."
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