Restdown, an historic property on Eleven Mile Drive, was passed in at auction in December but the sale then went down to the wire when two bidders were still interested in the home.

In the end, both would-be buyers were asked to submit their best price.

Bathurst Real Estate owner Mick Whittaker, said the property – which eventually sold for $1,177,007 – was unique.

“Set only minutes from town, this classic circa 1930s homestead has large bedrooms, formal lounge and formal dining areas, rear sunroom plus scope for expansion,” he said.

Mr Whittaker said it was unusual to have a property of this calibre on the market.

He said Bathurst Real Estate had about 30 to 40 potential buyers inspect the property over the five-week auction process.

Mr Whittaker said the property was passed in at auction on a vendor bid of $900,000 and sold the week after auction after going to secret ballot.

“One of the parties put in a bid which was accepted by the bank and then the other party came in with a higher offer,” he said.

“Under contract law all offers have to be passed on, so both buyers were invited to submit their final offer and the winner was Michael Begg, who placed the original offer.”

Mr Whittaker said a secret ballot was unusual but in the interest of resolving the issue invited both parties to submit their offer with the highest on the day the one accepted.

He said he had no doubt the property would sell, and said the selling price was quite fair.

“The buyer should be very happy. The property does need some work, but at the end of the day when you have two people who want the same property you know you have a pretty good product,” he said.

Mr Whittaker said rural agent Julian Stambe, who sold the property, worked with a number of buyers during the auction period. He said there were varying levels of interest.

“The asking price was $1,175,000 and it sold above that which I think shows people really prefer the private treaty process,” he said.

Mr Whittaker said the new owner, Mr Begg, was a valuer who would be relocating to the property with his family.