Auctioneer Paul Griffin from real estate agent L J Hooker, Bega, said it was a fantastic sale.

"There was fierce bidding, which started at $500,000 and there were nine registered bidders with three online," Mr Griffin said.

In the end it was a buyer who happened to be visiting Perth at the time, but not from Perth, and who tuned in for the auction, who secured the property.

Cobargo local and principal at LJ Hooker Bega, Gerry Tarlinton marketed the property which was being sold by a private individual, said the purchaser was from WA.

He said the successful bidder had purchased acreage near Bega about a year ago with a view to moving here.

"The zoning will allow it to be a business, private residence, B & B, there are multiple options," Mr Tarlinton said.

"The fires destroyed a shed, and affected a small corner of the property including the septic and water supply," he said.

People agreed that the structure of the property was good through cosmetic work was needed, he said.

He said it would be lovely if the purchasers have a vision for it.

READ MORE: Cobargo's historic bank building and it's history

Prior to the auction Mr Griffin said there were "30-40 people on site and the bank was packed".

L J Hooker said that the old bank was one of a kind, an architecturally designed commercial/residential property.

Originally the building was the Bank of New South Wales premises at the lower front of the building with the manager living at the back and utilising the four bedrooms and main bathroom upstairs.

Picture rails remain in place in some areas as do traditional fireplaces.

The property is over 1900 sqm of land on two titles.