An historic central Dubbo home has sold for over $500,000 as property prices around the city continue to increase.
The heritage listed, 173 Wingewarra Street sold before auction with Raine and Horne agent Brentley Goodwin saying the property was a popular home.
"It was double federation style home," he said,
"It has three bedrooms and one bathroom but needs major restoration.
"Raine and Horne took it to sale via auction and it sold in the first week on the market and didn't make it to auction.
"We were sort of anticipating it would pull very good interest but we weren't expecting it to sell for what it did," Mr Goodwin said.
The home sold for $567,000 which is made even more impressive for the former owners who bought the property last year for under $400,000.
Mr Goodwin said the final sale was a shock to the vendors.
"That's well and truly above the vendors expectations," he said.
Mr Goodwin believes the central Dubbo location is a big factor into the sale of the home.
"The character and charm of these double brick, centrally south located properties," he said.
"That's the biggest draw card; there are a lot of buyers out there who want to get into restoring these old charmed properties."
While the home did not make auction the 670 plus square metre block of land was hot property.
Mr Goodwin said there were over 50 interested parties during the first open home and some of those offered to purchase the house before their first chance to step through the front door.
"The first open home we had 60 plus groups inspect, not 60 buyers,"
"There were 60 groups inspecting at the open home and several offers submitted on the home.
"Essentially a silent auction commenced from that day because buyers said they didn't want to wait for auction, they were happy to buy now."
The home needs restoration inside but Mr Goodwin knows it is in good hands after it was purchased by a local man.
"It was very original," he said.
"A lot of character and charm.
"Like I said, it provides the CBD on your doorstep and a lot of people love that.
"I can confirm the buyer of the property was a local and I can confirm his plans are to renovate and restore the property.
"Which is great for Dubbo, I think it will be quite eye catching to drive past there and not only watch him do it and wait for the final product.
"It's not an investor or someone who is going to wreck it, it is somebody who is going to love it for what is it while they live there I guess."
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