The property, at 98 -100 Sackville Street, features a historic two bedroom cottage on a 1430-square-metre site.

The corner site boasts frontage to Sackville and Regent streets and rear access from Church Street.

It was listed for sale for $2 million to $2,150,000 and The Standard understands it sold for a figure close to the price range.

Stockdale and Leggo Port Fairy sales agent Sarah McCorkell said it sold to a Melbourne buyer with a connection to Port Fairy.

"It was a long-held property by a local family," Ms McCorkell said. "They're really happy with the result and that it's going to someone who's going to enjoy it.

"It's something they can have as an investment and something they can use immediately. They're looking to tidy up the cottage."

She said vacant sites of this size, in the heart of Port Fairy, were a rarity and it had been on the market for seven months.

"With some of these unique properties with a higher price tag it's a matter of waiting for the right buyer," Ms McCorkell said.

She said it was a really good result and despite national media coverage around rising interest rates and a downturn in the market "Port Fairy has always been quite strong in its own little bubble".

"We've never had a lack of buyers wanting to be in Port Fairy," she said.

"We do get a lot of emotional buyers who have a connection or attachment to Port Fairy and if the timing is right for them it doesn't matter what the market is doing economically, it's when it suits the buyers."

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