The Reserve Bank Australia's rate rise for the first time in 11 years isn't deterring people from purchasing homes in the Warrnambool region.
Earlier this week, the RBA announced a cash rate increase to 0.35 per cent.
Ray White Warrnambool director Fergus Torpy said there was no change in interest from prospective buyers following the announcement.
"It's one of those things that might change as time goes on but it's hard to get a clear read at this point in time," he said.
"We've seen fantastic interest this week and next week, so far it's the same."
Intermittent rain also didn't deter potential house owners from attending auctions this weekend.
Three houses were sold on Saturday, with Ray White selling two of those to locals.
Mr Torpy said the three-bedroom, two bathroom home at 40 Whites Road had three parties bidding on it, selling for $625,000.
"The expected sale price was $550,000 to 600,000, which is a good outcome above the range," he said.
"There was 25 people there which is still a pretty good turnout with the weather."
The other was a three-bedroom house at 111 McGregors Road, with just under 20 people attending the auction, with the home selling for $450,000.
Northeast Stockdale and Leggo Real Estate Warrnambool also sold one home
In what was dubbed "golden land" and with an expected sale price of $650,000 to $700,000, 92 Koroit Street was auctioned off by director Matt Northeast.
"What a fantastic opportunity, whether you're looking for your own personal residence or investment or Airbnb opportunity, it's an old real estate adage but it still applies to location, location, location," Mr Northeast said.
The property was within a minutes walk to CBD, shops restaurants, bars and the beach.
The three large-sized bedroom home is fitting out with a Baltic pine timber floored entrance hall, a separate lounge room with open fireplace, air conditioner and period features throughout, and a second living and dining area.
The kitchen opened up to a light-filled sun room overlooking the fully enclosed rear garden.
With no-one putting their hand up to start bidding, Mr Northeast started with a vendor's bid of $640,000 asking for $10,0000 increments.
This was dropped to $5000 increments as still no-one put their hand up to bid, with someone putting in a bid for $645,000.
Mr Northeast spoke to the vendor who was not wiling to sell at this price, with the bids then dropping to $2000 increments, from $645,000 to $651,000.
This was followed by $1000 bids, until the price reached $660,000.
Having not yet hit the reserve price, directly after the auction the top bidder negotiated with the house owners to purchase the home for $667,000.
Mr Northeast said the rate rise, which banks could choose whether or not it's passed onto their clients who have mortgages with them, did not impact on buyer interest this weekend.
"With an all time rates record for the past two years, a small interest rate rise can be absorbed by most buyers however obviously things will get more difficult if RBA choose to make future interest rate hikes," he said.
Mr Northeast said anything under the $700,000 mark was still strong, but as the prices increased the level of buyers lowered.
"The demand for average priced houses in Warrnambool is still strong," he said.
"The long term effect is that the mortgage holder will be paying slightly more in repayments in what they were previously."
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Lillian is an experienced journalist who joined Warrnambool Standard in late 2021. She has a particular interest in writing stories on the arts and culture, health, education, breaking news, police stories, as well as human interest and profiles.
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