Old Torquay home smashes reserve by $200,000

Key points

• A property at 23 Pride St, Torquay, sold for $2.4 million at a heavily contested auction, $200,000 above the reserve set before the sale. Several bidders raised their hands for the 1004 square metre block, which drew a crowd of about 80 onlookers.
• The site holds a four-bedroom mid-century brick house that is likely to make way for a new development. Agent Ben Greenwood said joint venture buyers, including a Torquay party, secured the property.
• The home was the 15th residential property in Torquay to sell for more than $2 million this year, according to realestate.com.au records.