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The Thebarton home at 8 Neville Rd sold for $1.4m at auction. Picture: realestate.com.au

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A flipped 1920s Thebarton villa that changed hands less than a year ago has been snapped up at auction for a million-dollar price, smashing its suburb’s record by $100,000.

The renovated and extended four-bedroom house at 8 Neville Rd sold for $1.4m under the hammer on the weekend – $605,000 more than it sold for in late July last year.

It has set a new benchmark for the suburb, with property records showing the previous house price record holder was 12 Neville Rd after it sold for $1.3m in August last year.

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The home is fresh and modern inside. Picture: realestate.com.au

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Its main living areas are open and full of natural light. Picture: realestate.com.au

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All four bedrooms are warm and inviting. Picture: realestate.com.au

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There are gold features in the bathroom. Picture: realestate.com.au

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Selling agent Thanasi Mantopoulos, of LJ Hooker Mile End-Woodville, said four prospective buyers registered to bid for the home but it became a battle between just two.

He said a local couple happy it was already renovated, and done so to such a good quality, secured the home.

With almost 200 groups inspecting the property over the 15 days it was on the market, Mr Mantopoulos said it attracted strong interest throughout the campaign.

Sellers Kitirio Designs and Beiler Constructions transformed the previously dated property into the modern home it is now.

“They bought the property together, that’s why they got all the work done in a 10 month period,” Mr Mantopoulos said when it hit the market.

The outdoor area is perfect for entertaining. Picture: realestate.com.au

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The home before the renovation. Picture: CoreLogic.

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It was dated inside before being flipped. Picture: CoreLogic

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It was in need of a revamp. Picture: CoreLogic

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“Before they bought it, the previous owners had it for decades.

“To buy this house and do this work would take you at least 24-30 months so the opportunity to move straight in is the standout here.”

He said it was a tough area to get into and it would only get harder with all the development earmarked for the area.

“It’s not the biggest suburb but it’s extremely tightly held,” Mr Mantopoulos said.

“Houses are going to be very hard to get a hold of in the area soon.”

PropTrack data shows the median house price in Thebarton is $850,000.