Natalie Bassingthwaighte's Elwood period investment property sells at auction

A big crowd turned out on Saturday for the weekend auction of Natalie Bassingthwaighte’s Elwood period investment property.

Five bidders fought it out from a starting bid of $850,000 followed by a vendor bid of $1 million. The auctioneer took increments of $20,000, $10,000, $5000 and then $1000 until the property was passed in at $1.18 million.

Matt White, of Ray White Port Phillip, said negotiations then continued inside until the deal was clinched at "more than $1.2 million". He would not disclose the exact price.

White said a Brisbane-based banker bought the property and his family will alternate between there and Elwood.

Bassingthwaighte - a pop singer, actress and X Factor Australia television judge - bought the Clarke Street investment property for $595,000 in 2005.

The three-bedroom, two-bathroom period home has an open plan living/dining area opening to a covered deck with open fireplace and courtyard. It has Miele kitchen appliances with breakfast bar, corian bench tops and concealed fridge/freezer.

An upstairs parents' retreat comes with dressing room and en suite bathroom through to a nursery/study.

Features include hydronic heating, air conditioning, Bose surround-sound, under-stair storage, ceiling roses, chocolate-toned floorboards and plantation shutters.

Bassingthwaighte and her husband, former Rogue Traders band mate, drummer Cameron McGlinchey, has reportedly spent about $2.25 million on a four bedroom, two bathroom Federation house on one of Brighton's top 10 streets. It’s 400 metres from the beach, Church Street shops, cinema and railway.

A neighbouring three bedroom, one-bathroom house in Clarke Street sold for $896,000 in May 2010.

Last year Bassingthwaighte sold her Elizabeth Bay apartment in Sydney for $850,000.