An investor has snapped up an original Frankston South house to give the seller an $80,000 premium.

The three-bedroom house at 1 Violet Street fetched $1.48 million in a three-bidder contest on October 22, the first Super Saturday of auctions this spring in Victoria.

The long-time owner had the reserve at the top of the $1.275-$1.4 million price range, Barry Plant Frankston auctioneer Alyssia Jecks said.

Sales records indicate the 876sq m property was purchased in 1988 for just $115,000. The price gain showed the strong growth in the sought-after suburb.

As a sign of the market returning to “normal”, Ms Jecks said there was growing demand for properties, with many selling within a good time frame.

The Violet Street house had a sales campaign of 24 days, which included eight open inspections that attracted 26 groups.

“Every attendee was interested in the property, and the investor outbid a homebuyer,” Ms Jecks said.

“There are still investors out there looking for opportunities and you can get a better yield in Frankston South.”

She noted that the buyer would have paid more than $2 million for a similar property in neighbouring Mt Eliza.

Ms Jecks added that with the sharp rises in rent prices in the suburb, the house could fetch $700 a week and will be leased out by the agency. The seller is downsizing to a property purchased through Barry Plant Frankston.

There is very high buyer demand in the suburb, with the median price for three-bedroom houses at $967,500 in the year to September 2022, according to realestate.com.au.

Records also showed a 7.5 per cent price growth over 12-months plus a rental yield of 2.9 per cent.

Another property, 2/17 Jolly Street, Frankston, was passed in at auction but sold after negotiations and for above the seller’s reserve price.

The townhouse on 229sq m changed hands for $665,000 after three offers were received post-auction, and the sale achieved $15,000 above the reserve.

“This just shows what can happen after a property is passed in,” Ms Jecks said.

And 19 Quamby Avenue, Frankston, sold in just two weeks after keen buyer interest.

A total of 32 groups attended the first inspection, and it sold for well above the top of the seller’s price guide of $695,000-$750,000.