A three-bedroom house in Beamish Street, Warrnambool was snapped up by an investor on Saturday.
Ray White Real Estate Warrnambool agent Lachie Kelly said there were five bidders - all investors - vying for the property.
After a slower than expected start, with the bidding kicking off at $300,000 and raising in $10,000 increments, the property sold for higher than expected.
The property had an expected price range of $440,000 and sold for $445,000.
"We had some pretty good interest from first home buyers and investors as well," Mr Kelly said.
He said investors were keen to snap up properties due to the lack of rentals available.
Mr Kelly said a local investor was the successful bidder.
"It offers a really good rental return," Mr Kelly said.
"The vendor was really happy with the result. They were over the moon."
Meanwhile, a three-bedroom home in Swanston Street, Terang was passed in.
Ray White Real Estate Warrnambool director Fergus Torpy said it was passed in on a vendor bid of $300,000.
The Victorian weatherboard four-bedroom house has plenty of charm, with features including three-metre-high ceilings and bespoke cabinetry.
It is back on the market, with an asking price of between $320,000 and $350,000.
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