A HISTORIC Warrnambool property sold to a single bidder at a crowded auction on Saturday.
About 60 people gathered at the auction of 12-14 Henna Street.
A Warrnambool-based bidder made an opening bid of $730,000, followed by a vendor's bid of $750,000, which the bidder then increased to $755,000 in a follow-up.
The property then sold for $785,000 after long discussions between the vendor and the bidder.
The property had a price guide of $889,000 to $960,000 and Warrnambool Ray White auctioneer Fergus Torpy said it had a floating reserve, and was previously expected to fetch more than $800,000.
"It's a fair outcome," Mr Torpy said after the auction. "I don't think it's under I don't think it's over, it's around where the mark is at."
He said there had been conditional interest in the property prior to the auction.
"We had 40 groups through the property in the last four or five weeks. It's a very historic property which has generated a lot of interest."
The sandstone 1886 five bedroom property has five bathrooms and is built on 1300 square metres, which include a separate accommodation area.
"We don't see lots of properties like these on the market, and even less would go to auction, there would be less than 10 period-style homes and properties on the market at any one time."
Mr Torpy said a block of land at Logans Beach also sold on Saturday for $605,000, $5000 above the reserve, while an auction involving two bidders on a property at 10 Rutledge Street sold for $235,000.
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