The couple took the winning bid on Saturday to secure a heritage homestead in the heart of the city.

The grand central Victorian sandstone home on Howard Street was built around 1905, possibly earlier.

With a history as a builder and now as a paramedic managing the south-west Victorian region for Ambulance Victoria, Mr Maywald said he looked forward to renovating.

"We were looking for a family home down here and saw this a few weeks ago," he said. "We just finished renovating a similar period home in Stawell so we'll sell that and move on.

"It's got a beautiful feel about it, it's a magnificent property with the facade and the way it's enclosed in the grounds.

"A lot of emotional money is involved."

The property is situated on a huge 1636m2 block and hasn't been lived in for 25 years.

Bidding started at $900,000 and went under the hammer at $1.33 million.

A crowd gathered in the large front yard for the highly-anticipated auction on March 26.

The outstanding features include front of residence ornate facades, Corinthian columns at the front entrance, bluestone steps, original lead stained glass windows in entrance foyer, drawing room with bay window seat alcove, Victorian cornices and elaborate painted center roses.

It sold for $380,000 over the reserve price, senior property auctioneer Brian Hancock of Brian O'Halloran & Co Real Estate said.

"It was a great auction with around 120 people attending," he said.

"21 bids in total were received and contested by two local buyers and the out of town winners.

"It has a fantastic endurance story; the vendor Mrs Vivienne Jones and her husband Dr Graham Jones (deceased) purchased the property from the well known Gleeson family in 1984.

"Dr Jones died in 1991 and Mrs Jones stayed on for a couple of years before moving out of town, halfway during the auction she was highly elated and very emotional and wanted it sold on the day.

"She was very happy with the sale outcome and wished the new owners best wishes and congratulations on their purchase."

Mrs Jones said she loved her historic period home, but it was time to sell enabling someone else to enjoy the property.

There were eight auctions in Warrnambool on Saturday.

Two properties at McDonald Street passed in at auction but sold for $625,000 and $750,000 respectively.

A property at Schnapper Lane passed in at auction and is back on the market for $750,000.

IN OTHER NEWS:

Our journalists work hard to provide local, up-to-date news to the community. This is how you can access our trusted content: