The 2196 square-metre block is part of the Logans Beach Coastal Village.

Harris and Wood agent Matthew Wood said the block offered "unprecedented views".

Mr Wood said he believed the site would be snapped up quickly, because it offered someone a once-in-a-lifetime opportunity to take in stunning ocean views.

He said the lucky buyer would be able to see the sand along Logans Beach, the breakwater, Lady Bay and Port Fairy, with views in the other direction back to Childers Cove.

"With only a small natural beach side reserve between this lot and the actual beach, you cannot be built out, it will have completely unobstructed views forever," Mr Wood said.

He said the block only went on the market this week, but already there has been a flurry of inquiries, mainly from Melbourne buyers.

"We believe this site is one of the rarest and most breathtaking locations to build your dream home," Mr Wood said.

"We expect it to draw substantial interest and set a new level for a residential site," he said.

Logans Beach Coastal Village offers 100 lots and 87 have already been snapped up.

Lots in stage 10 of 11 are now being sold.

Mr Wood said land in the village had increased in value in the past couple of years.

"Given its uniqueness and scarcity of the land we expect its value to continue to grow," he said.

Mr Wood said he continued to see high demand for property in Warrnambool.

"We continue to see strong demand for well presented quality homes," he said.

Mr Wood said he didn't think the increase in interest rates would have a major effect on the city's real estate market.

"Given that rates are still at a historically low levels, I don't believe it will affect buyers' ability to service loans," he said.

"With job security still high, buyers will still be able to purchase with confidence."

The lots in the village were first offered in 2015.

Mr Wood said the blocks were snapped up quickly once a stage was released.

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