The Victoria Avenue property, just off Wendouree Parade, was one of the first on-site auctions in the city since lockdown.

Bidding opened at 1.35 million with three on-site bidding parties and one bidder online for the McGrath auction. There were 12 bids made in a competitive show for the property.

This is the second major block in the lake precinct to sell within months, following a Wendouree Parade lot that sold just shy of $2 million via Jellis Craig.

The winning bidder for the 776 square-metre Victoria Avenue property originally hails from Hamilton and went to boarding school in Ballarat. He had been looking for a property to move with his family from Melbourne to Ballarat.

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McGrath Ballarat real estate agent and co-principal Daniel Nestor said the buyers intend to build the plans already outlined for the property.

Mr Nestor said the sellers had a view to build the home close to the lake but, in the meantime, had found a house they loved in Nerrina and planned to say there.

"We ran a six-week auction campaign, which is a little longer than normal because of lockdown and the potential another lockdown might occur," Mr Nestor said.

"...As restrictions ease hopefully it will open the opportunity for more properties to go back to on-site auction but this hybrid model, with bidders online in the comfort of their homes, has set a precedent in a new way of real estate.

"It looks to be a thing of the future. Lots of things have change in the pandemic and it looks like auctions will go this way moving forward."

McGrath auctioneer Matthew Edwards also sold a Glenelg Highway property in Scarsdale via auction on Saturday afternoon for $320,500.

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PS Alfredton Dr 820sqm $680,000 Jellis Craig

PS Anton Dr $700,000 Ballarat Real Estate

PS Balanada Close 116sqm $400,000 Ray White Ballarat

PS Canopy Av 383sqm $515,000 Ray White Ballarat

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PS Dyson Dr $600,000 Ballarat Real Estate

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PS Sydney Way v/land $344,900 PRD Nationwide

PS Townsend Ct 619sqm $520,000 Jellis Craig

BALLARAT CENTRAL

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BALLARAT NORTH

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CLARENDON

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DEREEL

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DUNACH

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LAKE GARDENS

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LEXTON

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MOUNT CLEAR

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MOUNT PLEASANT

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NEWINGTON

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REDAN

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ROSS CREEK

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SCARSDALE

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SEBASTOPOL

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SMYTHES CREEK

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SOLDIERS HILL

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WENDOUREE

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