Warrnambool home snapped up for $540,000 at auction

A four-bedroom home in Breton Street, which had a price range of $500,000 to $550,000, was bought for $540,000 at auction on Saturday morning.

There were three bidders vying for the home, which Mr Torpy said was in an enviable location.

After a slow start, an initial bid of $450,000 was submitted.

The next bid was $470,000 from the person who was eventually the successful bidder.

A bid of $490,000 was submitted from the first bidder before a phone bid of $510,000 was submitted.

Further bids between the second and third interested parties of $520,000, $530,000 and $535,000 were accepted before the successful buyer - believed to be local - submitted the final bid of $540,000.

Mr Torpy said it was a good result.

"It's a great outcome," Mr Torpy said.

"We had $500,000 to $550,000 as a bit of a price guide."

Mr Torpy said interest in Warrnambool properties remained strong.

"The market is fairly steady," he said.

"We've still had good buyer inspections.

"We've had really good numbers, from what we can see.

"In the past three or four weeks we have been averaging about 130 inspections a week, which is really strong and it's still up on what we were seeing pre-COVID."

Mr Torpy said there was some buyer hesitation due to rising interest rates.

"There is a little bit of buyer hesitation, but I think for the most part buyers are preparing for the predictions that the rental market market will become a bit tougher again and they're looking for opportunities to buy."

Mr Torpy said a home opposite the property auctioned sold for a similar price 12 months ago.

A three-bedroom home on Wollaston Road sold for $695,000 after an opening bid of $600,000.

Mr Torpy said the owner was elated with the result.

In the third auction of the day, a four-bedroom home on Warburton Way sold for $799,000.

There were six bidders vying for the property.

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