A young local couple snapped up the Coghlans Road house with bidding starting at $495,000.

The bidding then increased to $520,000 and continued to rise in $20,000 increments until it reached $600,000.

The strong bidding then continued in $5,000 lots before hitting $620,000 and a further bid of $621,000.

The property was then sold to the Warrnambool first home buyers for $622,000.

Auctioneer Fergus Torpy from Ray White Warrnambool described the property as "absolutely spectacular and immaculate."

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He said it was situated on about 600 square metres with a north facing backyard.

"You've got four bedrooms, two living spaces, a walk-in pantry - it's certainly all on offer," he said.

Ray White Warrnambool agent Tessa Dayman said the sale was a fantastic result.

"It's really a strong result for Dennington," she said.

"It has been bought by a local couple and they're first home buyers, which is lovely to see."

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Ms Dayman said the property sold for $50,000 above the indicative selling price.

She said the auction result demonstrated the strong Warrnambool market.

"It's supply and demand and the combination of a really appealing property," she said.

"This property has been so well looked after and it was presented beautifully."

Ms Dayman said the owners were planning to move from Warrnambool.

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