Updated October 24, 2026 — 4:38pm , first published 1:04pm

A first home buyer paid $1,305,000 for a two-bedroom apartment in Alexandria, $55,000 over the reserve, on Saturday.

Cooley auctioneer Jake Moore took an opening bid of $1.15 million for 2/145 Belmont Street in front of a crowd of 30 people gathered in the living room of the apartment in a converted warehouse.

Eleven parties registered for the chance to win the keys, with five active. Bidding went up in increments of $10,000 and $5000, jumping around at times to $6000 and $11,000. A final $5000 bid sealed the deal and the hammer fell.

The property had a guide of $1.13 million and a reserve of $1.25 million.

There is no legal requirement for a vendor’s reserve to be in line with their property’s price guide.

The vendors, who once lived in the property, moved interstate five years ago and have been renting it out since.

The new owner, who has been renting locally, said he was attracted by the boutique nature of the building, which has just 12…