Million-dollar house to become medical centre

A VICTORIAN residence sold for $1.53 million at auction on Saturday morning. 

Situated  in Ballarat's central business district at 710 Sturt Street, the building attracted about 50 members of the public to the auction.

Harcourts auctioneer Gerard Cosgrove opened with a vendor bid of $1 million after not even a bottle of champagne could attract an opening bid.

With silence from the crowd, eventually a raise of $50,000 was put forward, before no further bids and a meeting with the vendors.

People held their coffees close to keep their hands warm as uncertainty surrounded the auction.

"It's a beautiful piece of land in the CBD and commercial one zoned, on three titles of land," Mr Cosgrove said.

"Based on land value, you're getting the building for free," he tempted bidders.

Bidding began to take off raising to $1.1 million, then $1.15 then $1.175.

It continued to raise in $10,000 and $25,000 increments toing and froing between two bidders, before eventually reaching the selling price of $1.53 million.

New owner of the property Dr Ian Fok said they intended to use the building as a specialist gastroenterology specialist medical centre.

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