A three-bedroom home at 19 Reginald Grove in Warrnambool has sold for $540,000 after being passed in an auction on Sunday.
Agent Danny Harris, of Harris and Wood Real Estate, said there was one bid of $520,00 and the property was passed in after that offer.
He said negotiations were held with the bidder and the property sold soon after for $540,000.
The price range for the home was expected to be between $545,000 and $585,000.
The property was purchased by a local investor.
"It was at the bottom end of the range," Mr Harris said on Sunday afternoon.
"It's still a very good market, but we're clearly not at the peak of the boom. Historically it's still a very good market."
Mr Harris said unless there were a number of rate rises he did not think there would be a significant impact on the Warrnambool housing market.
"Supply is still an issue for us," he said.
"There's probably been less homes on the market in the last month, but we were operating in a record market.
"It's what I would describe as a once in 50-year boom."
About 20 people attended the auction of the three-bedroom home located a short stroll from shopping centres and a popular local primary school.
The home was recently refurbished and boasts generous living spaces, including a brand new kitchen/meals area, a formal lounge and rumpus room.
Features include split system heating and cooling in the main bedroom, a modern bathroom, a single lockup garage with carport and all contained on a 686m2 corner allotment.
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