The two storey house on Hotham Street sold for $818,000 on Saturday.

Auctioneer Bruce Ludeman said it was the first time the house had been on the market since it was built almost 50 years by Mr Rauert.

"It's magnificently prepared," he said.

The house had views of Lady Bay and an upstairs pool room retreat with a bar.

Ludeman real estate director Nigel Kol said the buyer and vendor were both pleased with the result.

"At the end of the day I think the climate is impacting a little bit," he said.

"There are some people that would have liked to have put their hand up but couldn't.

"The owner and the purchaser are happy."

Mr Kol said it would be difficult to predict how coronavirus would impact the local property market.

"There's probably a bit of doom and gloom but this was still a good healthy sale for Warrnambool," he said.

Mr Rauert, an ambitious and determined businessman who owned and operated Rauert's Shoex, died aged 92 in August last year.

Meanwhile a five bedroom home in Koroit was passed in at auction on Saturday.

The High Street house was passed in after a vendor bid was made at $540,000.