Craigmore, a post-World War One soldier settlement home in Derrinallum, sold under the hammer for $105,000, drawing more than 50 people to the on-site auction.

Elders agent Rob Rickard said the sale of the home on 0.4 of a hectare (one acre) exceeded the initial $60,000-80,000 estimate.

He said the buyer was from Melbourne and the losing bidder from the Bellarine Peninsula.

“There was quite a lot of out-of-town interest in the home,” he said.

“It is made from local volcanic stone and has historical significance.”

A two-bedroom unit in Warrnambool was also sold for an undisclosed price.

Agent Paul Harris from Ray White said the Verdon Street unit attracted four bidders.

He said the vendors were happy with the price.

A shopfront and attached residence in Terang was passed in on a vendor’s bid of $240,000.

Falk and Co. agent David Falk said the property on High Street attracted about 15-20 people at the auction and was now on the market for $255,000.