The 746-metre-square property at 8 Eliza Court attracted a crowd of about 35 people this morning and opened with a bid of $500,000.

A back-and-forth battle between four active bidders saw that price reach $602,000, just above the expected price range of $600,000.

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Ray White agent Fergus Torpy said it was a "good" result for the local buyers.

"It was very solid, to have four bidders is a strong outcome," he said.

"The average number of bidders across Victoria at the moment is about two, so to have double that is good.

"The people who owned the home had been in it for about 18 months to two years, so it was a good increase from when they bought it.

"We're seeing prices still really good, we're not seeing the crazy results we saw at the peak of COVID but we're seeing greater stability."

He said the market remained buoyed by local buyers and sellers.

"I still think there's relatively good confidence in the market," Mr Torpy said.

"Warrnambool operates on its internal ecosystem because we're big and sustainable enough, we get drip fed external factors from the metropolitan markets."

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