Crowds gathered at a series of auctions held across the city on Saturday morning, with one three-bedroom house in central Warrnambool selling for close to $100,000 above reserve.
About 70 people attended the auction of 90 Koroit Street, one of five properties sold across the city on the weekend.
Bidding for the north-facing house opened at $540,000 and sold for $665,000 to a couple in just over two minutes.
The property was purchased for just under half that amount in 2009.
Harris and Wood's Danny Harris said the result was "not unexpected".
"It's in one of the more popular precincts of town so it's not unexpected," he said.
"I think what we're seeing is a number of the major banks are still suggesting there will be significant growth in 2022, so it's a great time to buy."
Mr Harris previously told The Standard residential property prices in Warrnambool were on the rise, having sold five houses for between $1 million and $2 million in just the past five weeks.
Elsewhere, a three-bedroom house at 72 Aitkins Road was sold by Ray White's Lachie Kelly for $615,000, well-above the expected price range of $520,000 to $550,000.
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Mr Kelly said the three-bedroom property at 27 Mountain Ash Drive also sold for $533,000, with the house last purchased for $305,000 in 2014.
About 30 people in total attended an auction of the two-bedroom house at 11 Schomberg Place with the property eventually selling for $440,000.
Ray White's Jason Thwaites said the amount was in-line with his expectation it would fetch anywhere from $400,000 - $440,000.
Meanwhile, Ray White's Chris Thomas confirmed the two-bedroom unit at 1/2 Moonah Street was also sold for an undisclosed amount.
"It was a good result both owners and purchasers were happy with," he said.
"We also had one an auction out at a church in Panmure which sold for an undisclosed amount."
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