In West Melbourne, a local family with renovation experience snagged a fixer-upper Victorian terrace for $1,231,000.

The 92 Ireland Street property sold for $81,000 over its $1.15 million reserve.

Jellis Craig selling agent Marcus Kassab said bidding kicked off at $1 million, with buyers throwing out bids of $10,000 and $20,000.

Kassab said the local family who bought the home had experience renovating properties in the West Melbourne area and were looking to get started on another project, with plans to turn the terrace into an investment.

“In the initial period they’ll fix it up to get it rented - it needs a bit of work to get it up to the minimum standards - but then they’ll they’ll look to do some bigger plans over time, and depending if they like it better than their current home they may even move into it,” he said.

The Morning Edition newsletter is our guide to the day’s most important and interesting stories, analysis and insights. Sign up here.