There were six active bidders wanting to purchase the central home, which sold to a Geelong family for the final sale price of $1.085 million.

Auctioneer Brian Hancock from Brian O'Halloran & Co said bidding opened at $900,000 and went in $10,000 increments up to $1.080 million and then a final five thousand dollar bid to reach the sale price.

The sandstone home had been extensively renovated and included a large indoor/ outdoor entertaining area and rear access.

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Mr Hancock said about 50 people attended the auction.

"It sold $90,000 above the reserve price and that was because of the competition between six bidders," Mr Hancock said. "They chased it right down to the wire in those smaller increments so it was a good fair opportunity for everybody."

He said interested buyers were attracted to the property's central location and the quality build of the redevelopment.

"It was a great auction and both the vendors and the purchasers are very happy with the result," Mr Hancock said.

The home sold to a family from Geelong and he said it attracted interest from the south-west and further afield.

"The lady grew up here," he said. "She's got family here. She loves Warrnambool and wants to come back."

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