Warrnambool's buoyant property market refuses to be punctured by rising interest rates with two properties on Saturday morning selling well above their expected prices ranges.

Ray White, Warrnambool, auctioneer Fergus Torpy said there was a very positive feeling in the marketplace.

"There's still good buyer confidence and people still have the confidence to sell," he said.

"The pricing is not as unpredictable as it was.

"We are still seeing sensational inspection numbers, on a par with what we were seeing through COVID when a lot of people were looking at lifestyle changes."

He said there were three bidders at the auction of 11 William Street in west Warrnambool and five at 3-5 Elizabeth Street in east Warrnambool.

"At William Street there were two very keen parties," he said.

"There was a strong opening bid from the eventual buyer and a young couple bid, before another couple took the price up to what was the sale price and were the under bidders.

"The buyer is from suburban Melbourne and is moving to Warrnambool."

Mr Torpy said there was a strong crowd of about 60 people at the Elizabeth Street auction.

"It does give you a degree of confidence when you see that sort of turn out," he said.

"That Granny's Grave location is highly desirable to locals and people from outside Warrnambool. There were four or five bidders and the property was purchased by local first home buyers.

"Overall the market remains very strong," he said.

At noon:

Warrnambool's buoyant property market refuses to be punctured by rising interest rates with two properties on Saturday morning selling well above their expected prices ranges.

In the second auction on Saturday, for 3-5 Elizabeth Street in east Warrnambool, a crowd of about 60 people attended.

The three-bedroom home close to the Granny's Grave beach area was with a listed price range of $455,000 to $500,000.

Bidding started at $450,000 and quickly bounced in $10,000 increments to $500,000, when it was declared on the market.

But, it didn't stop there.

Another brisk seven bids lifted the sale price to $545,000, that was $45,000 above the listed range.

The first auction on Saturday, for a four-bedroom property in west Warrnambool, was also successful.

The home at 11 William Street had a listed range of $379,000 to $416,000, but sold for $427,250 after a 20-bid duel between potential buyers.

At 11.15am:

Auctioneer Fergus Torpy was made to work hard to earn his commission after a mammoth 20 bids lifted a home in west Warrnambool to well above it's listed price range.

The four-bedroom home at 11 William Street had a listed range of $379,000 to $416,000.

Bidding started at $385,000 and lifted in a jumble of increases to $405,000 when it was announced to be on the market.

That sparked another 13 bids to a sale price of $427,250 as two main hopefuls squared off in a bidding duel.

About 25 people attended the auction in bright sunny conditions.

The sale confirms that buyers are willing to pay premium prices for the right properties despite ever increasing interest rates.

Another auction will be held at 11.30am today for a property at 3-5 Elizabeth Street in east Warrnambool.

Earlier: The real estate market will be tested in Warrnambool on Saturday morning with two homes to go under the hammer.

The real estate market has generally been slightly flat in the past few weeks as ever increasing interest rates take their toll on what were record high prices.

Ray White, Warrnambool, auctioneer/agent Fergus Torpy will be in charge of the offerings at 11 William Street in west Warrnambool at 10.30am and then at 3-5 Elizabeth Street in east Warrnambool at 11.30am.

The William Street home - four bedroom, one bathroom and a two-car garage - has a price range of $379,000 to $416,000.

It's described as a true 1950s cream brick veneer home on a 600sqm block being put on the market for the first time in over 50 years.

Designed with a flat roof, large clerestory inspired windows at the front and that warming lounge, this home is said to provide the perfect footprint to incorporate modern with mid century.

There's a traditional dining, sleek timber cabinetry along with three spacious bedrooms each including built in robes.

At the rear of the property is an optional fourth bedroom, additional living or study space.

The home includes a tandem garage with drive through access to a workshop at the rear.

With potential to restore further into that ideal workshop or even man cave or rumpus room.

Situated close to both primary and secondary schools, this is listed as an ideal first home or an investment property.

The property at 3-5 Elizabeth Street is a three bedroom, one bath, one car garage offering with a listed price range of $455,000 to $500,000.

It's described as a "sun-drenched east Warrnambool home", with loads of charm.

It features three bedrooms, with a large master bedroom, oversized windows that look over the front garden.

A functional living room, includes a gas heater and split system for all year round comfort.

A galley kitchen leads to a formal dining space then connecting outside to an undercover entertaining space, surrounded by established gardens - a perfect spot to relax and unwind, with a private and north facing rear yard.

Situated in the ever popular Granny's Grave precinct, just a 100m to direct beach access, walking distance to East Warrnambool Primary School and just two kilometres from central Warrnambool.

IN OTHER NEWS:

Our journalists work hard to provide local, up-to-date news to the community. This is how you can access our trusted content: