Four Warrnambool properties sold at auction for well above their expected price range over the weekend in a sign the local market isn't slowing down in 2022.
Ray White Warrnambool director Fergus Torpy said the "exceptional" results showed buyer demand remained strong.
"What we're seeing is very much on par with October and November of last year, with a lot of buyer activity. Through December and January there were fewer buyers in the market, but in later January and into February it's been very strong," Mr Torpy said.
He said all four auctions were well attended, with each having at least three or four bidders.
"That was the biggest thing I noticed, there were a lot of people out and about."
Two of the properties were sold to owner-occupiers, while the other two went to investors. Mr Torpy said he had observed a definite shift, with investors getting back into the market.
It's a very confident marketplace
- Fergus Torpy
"I don't know what that's about, but it may be to do with the COVID freeze on rental prices being lifted, which would have given investors confidence they would get a solid return," he said.
Both the owner occupiers were people moving to Warrnambool, suggesting the city remained a hot spot for buyers seeking a sea change.
On Saturday a three-bedroom house in Balmoral Road in the city's north sold under the hammer for $635,000, an impressive $55,000 above the top of the quoted range for the property.
Sitting on a modest 489 square metre block, bidders were attracted by the finishes and character of the house, which last sold in 2015 for $325,000, half Saturday's final price.
A four-bedroom property in Skiddaw Crescent, east Warrnambool also sold under the hammer for well above the expected range of $495,000-$540,000, going for $585,000.
The 775 square metre block, large elevated deck, and views over north Warrnambool attracted a good crowd of bidders.
A two-bedroom house in Rogers Avenue just off Russell Creek sold for $556,000, nearly $100,000 above the estimated range of $420,000-$460,000.
Meanwhile, a three bedroom house in Breton Street, north Warrnambool has fetched $551,000 at auction, more than 10 per cent above the top of the quoted range of $449,000-$490,000.
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While the property still needed a facelift, the sought-after position and spacious bedrooms and living space made it popular with bidders, Mr Torpy said.
"Breton Street was a good solid house with a good footprint, but it certainly needed someone to come in and freshen it up," he said.
With all four properties selling for well above the range quoted by the agents, Mr Torpy said it was still clearly a vendors' market.
"It's a very confident marketplace."
He said some buyers would be factoring in a buffer above the quoted range when they were hunting for properties, given houses were regularly selling above the range.
"They've probably got a couple of prices in mind, what they would like to get it for, and then what they're prepared to pay," Mr Torpy said.
He said he saw no signs of the local market slowing down, especially as jobs remained plentiful.
"I think even if interest rates went up, they'd still be very low, so I don't see that scaring many people off. At some point something will change, but probably not too much," he said.
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Ben Silvester
Reporter covering politics, environment and health
Reporter covering politics, environment and health
