The bubble is yet to burst on the rising real estate market in the south-west after a Koroit home sold a long way above its previous sale price.
At an auction on Monday evening, the four-bedroom home at 34 Station Street sold for $605,000. The auction was conducted by Fergus Torpy from Ray White Real Estate.
This was a significant jump from the last time the property sold in August 2019, for $332,000.
On that occasion, an auction was held but the property was passed in when no-one attended and no bids were received. The property was sold post the auction.
The house had undergone some internal renovations between the 2019 and 2021 sales.
But these did not include the addition of further bathroom or car garage facilities, with the property selling on Monday, as it did in 2019, with one bathroom and a carport - but no garage.
The lack of interest in the house at an auction level in 2019 was not unusual at that time, with the market in the town moving slowly.
This is in stark contrast to the current market, with house prices in Koroit achieving lofty highs - as has been the case in nearby towns such as Port Fairy and Warrnambool.
In late August, a three-bedroom house in Channing Drive, Koroit, sold for $603,000.
Domain lists the median price for a four-bedroom home in Koroit at $472,000.