Five of six auctions held by Ray White sold under the hammer across Warrnambool and Koroit on Saturday.

The sale of a central townhouse at 17 Patricks Lane, Warrnambool sold for $655,000 to an interstate investor.

Two active bidders opened at $600,000 and drove the final offering to the top end of the advertised range.

Agent Tessa Dayman said the sale demonstrated the city's strong investment potential.

"It was really exciting," she said

"It's a great result for a central townhouse. This is the buyer's second central investment - they see a lot of value and a lot of growth in the area in terms of both long-term rentals and Airbnbs.

"It's a great place to invest and they love this spot. There's no body corporate and it's a standard loan property so they're really happy with it."

A three-bedroom home in west Warrnambool also sold to an interstate buyer.

About 50 people attended the sale of that property at 27 Laverock Road and five active bidders saw a final offering of $457,500 - $57,000 more than the expected sale price.

With an opening bid of $370,000, agent Chris Thomas said the strong competition was a positive sign for the region's property market.

"The buyers saw really good value in it and the competition at the auction of the day ended up with a great result for the owners so they're really happy," he said.

"We have certainly seen more people outside the area coming to Warrnambool, that's been happening for a couple of years now and the theory was that would stop now the lockdowns have ended.

"But we're still seeing Warrnambool and the south-west is still a very popular destination for people."

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Meanwhile, the sale of a four-bedroom property at 151 Russell Street fell just short of expectations.

The two-storey house sold for $645,000 - below the expected price range of $685,000 to $725,000 - to a first-home buyer amid a crowd of about 15 people.

A three-bedroom property at 217 Caramut Road attracted a crowd of more than 50 including two active bidders but sold for $850,000 - $100,000 below the lowest end of the expected price range.

That home went to a local family.

The property at 88 Hyland Street sold for $490,000 and was in-line with the expected price range to an out-of-town buyer.

Agent Harry Ponting said interest from outside of the region was strong but trends were changing.

"There seems to be a lot of out-of-town interest, but it's not the Melbourne buyers anymore," he said.

"We've had a lot from Mount Gambier, Ballarat and even Adelaide - it's not so much Melbourne."

In Koroit, the four-bedroom house at 15 North Street was passed in at $650,000.

Discussions are ongoing with three interested parties.

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