A Warrnambool home that sold almost four years ago for $480,000, sold under the hammer on Saturday for $835,000, with the price highlighting the strength and growth of the city's real estate market.
The four-bedroom home at 6 Kingston Close sold to a young Warrnambool couple who was upgrading.
Actioneer Danny Harris from Harris & Wood said it was a great result and was above expectations, with the property's reserve price listed at $780,000 prior to auction.
Mr Harris said the auction opened with a $750,000 bid and rose in ten-thousand-dollar increments with bidding between with three parties.
About 60 people attended the auction.
"The owner of the property was really happy with the result," Mr Harris said. "It was above expectations."
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Meanwhile, an auction at 127 Mortlake Road, also on Saturday, attracted a similar crowd who watched as it sold for $640,000.
Ray White Warrnambool auctioneer Jason Thwaites said the three-bedroom home attracted a lot of interest and bidding was between three people.
"It started at $470,000 and went in $30,000 bids to $590,000 and then in ten and five thousand increments to the final sale price of $640,000. It was purchased by a local family," Mr Thwaites said.
Mr Thwaites also auctioned a four-bedroom home at 19 Panorama Ave which sold for $615,000. There was no competition for the single bidder who opened the auction with a bid of $540,000, it was followed by a vendor's bid of $560,000 and his counter-bid of $565,000.
After some negotiations and a vendor's bid of $580,000, the man bid again at $585,000. He then increased his bid to $615,000, successfully purchasing the property.
Also on Saturday, a three-bedroom home at 12 Ashlee Drive sold under the hammer for $582,000, in front of about 20 people.
Ray White lead agent Lachie Kelly said bidding was between a local buyer and an out-of-town investor.
"It opened up at $525,000," Mr Kelly said. "There was another bid at $540,000 and another bid at $560,000 and some negotiations on site to get to $582,000. It sold to a Warrnambool family," Mr Kelly said.
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