Warrnambool riverside block auction fails to raise a bid

The vacant block in Dobson Way, a sought-after pocket on the eastern fringe of Warrnambool, didn't get any love from assembled bidders despite prime river frontage.

The 798 square metre block was one of just three in the area yet to be built on, with Ray White Warrnambool listing an expected price of between $469,000-$490,000. But it couldn't tempt any bids and was passed in.

Ray White director Fergus Torpy said the property would "go back on the market at a price to be confirmed". Mr Torpy said there was "some conditional interest" in the block.

While the local market has become more lacklustre, he said he believed it "still has some reasonably good buoyancy", with "good buyer numbers" and "strong prices".

Recent data shows regional Victoria was one of only three real estate markets in the country where home prices declined in May, dropping 0.2 per cent. It makes regional Victoria the worst performing regional market in Australia over the past year, dropping 3.32 per cent.

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