Five Warrnambool properties sell at auction prior to lockdown

A one-bedroom, one-bathroom house in south Warrnambool sold for $480,000 on Saturday, more than $150,000 above its original reserve price.

The home at 4 Elliot Street was initially quoted at $300,000 to $330,000 but auctioning agents revised the price guide due to increased interest to $365,000 to $405,000.

Harris and Wood real estate agent Matthew Wood said it was an awesome result for the owners and they were ecstatic.

Mr Wood said 12 parties registered and bidding was between four people, starting with a vendor bid of $350,000.

A local family purchased the property. "Their intention is to hold it," Mr Wood said. "They see excellent value in south Warrnambool. They'll find a suitable outcome for it later on."

Ray White director Fergus Torpy said it brought two of its four scheduled auctions forward, ahead of the 1pm lockdown, announced that morning.

Mr Torpy said a three-bedroom, two-bathroom home at 67 Ocean Grove sold for $700,000, more than $100,000 above its reserve.

Bidding started at $550,000 and was between five interested parties. He said the asking price was between $550,000 and $600,000 and it sold to a local family who intend to live in it.

Mr Torpy said it was a great result for the owner who had previously listed the property for sale two times earlier but had failed to sell.

A Californian bungalow at 34 Hider Street with two bedrooms and one bathroom, situated on a 500 square-metre block was popular with bidders too.

It sold for $570,000, which he said was well above its price guide of $465,000 to $499,000.

He said bidding opened at $450,000 and it was between four parties, as crowd of about 30 people watched on.

Mr Torpy said the owners were ecstatic and really pleased with the result. He said it was purchased by a couple who were originally from Warrnambool, but were Melbourne based, and they'd eventually relocate.

Meanwhile, a low-maintenance two-bedroom townhouse at 21 Napier Place sold for $390,000. Mr Torpy said it sold within its quoted price range of $370,000 to $400,000.

He said bidding was between two local parties and the young couple selling the townhouse were very pleased with the final result.

A three-bedroom, one-bathroom home at 19 Preston Street, Dennington, situated on a 980 square-metre block, sold for $370,000 to an investor/ developer from Geelong.

Mr Torpy said there were six bidders, including four local buyers and the sale was well above the $260,000 price range quoted.

"It was a really strong day," Mr Torpy said. "Plenty of people were out and about then the day was thrown into a bit of a spin (with the lockdown announcement).

"We had to bring open homes and auctions forward but people are really understanding when you have to adapt and change things."

Mr Torpy said it was a very strong market and lockdowns, affordability and interest rates were all factors in buyers' decisions.

"It makes it hard to forecast what buyers are going to do," Mr Torpy said.

"I think once people start seeing strength in the market, it creates further buyer confidence to maybe pay a little more, because the evidence is there or they can see other people are prepared to do it," he said.