Matt Northeast, of Northeast Stockdale & Leggo, said about 40 people attended an auction of the property Alencon on Saturday at 242 Lava Street, Warrnambool.

He said bidding opened at $460,000, there was one bid and the spacious three-bedroom home was passed in at $470,000. 

Mr Northeast said negotiations were held with the highest bidder and the central property was now on the market for $515,000.

Charles Stewart and Co agent Michael Stewart said the 169-hectare (417-acre) property Barambah at Nerrin Nerrin, near Lake Bolac, failed to sell at auction on Friday.

Michael Stewart said the property was passed in at $1300 per acre.

“There is moderate interest, but there is interest even though we were unable to sell on the day. We hope to sell the property in the near future,” Mr Stewart said.

Information on an auction at 16 Brooke Street, Camperdown, on Saturday was unable to be obtained.

athomson@fairfaxmedia.com.au