A North Warrnambool home went under the hammer to a local first home buyer for well over the asking price.

Ray White Warrnambool agent Lachie Kelly said the home at 27 Peter Street sold on Saturday for $571,000 in front of a crowd of around 50.

The home was advertised between $440,000-$480,000.

"It was a great turnout and sold above expectation so a fantastic result," Mr Kelly said.

"The result is probably in correlation with what's been happening with the market at the moment. We're seeing good numbers at open home inspections so there's still supply and demand which is helping sellers a lot.

"It's still good time to sell in the lead up to Christmas while the market is still strong, we've got a lot of vendors wanting to get the ball rolling."

The corner block is on just under 700sqm, with three large bedrooms, an ensuite and family bathroom, a large kitchen with new stainless steel appliances, a dining space and two lounge rooms serviced by a split system, offering to a wide range of buyers.

However a central Warrnambool property failed to draw high bids, forcing the auction to be passed in on Saturday.

The house was sold after the auction.

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