About 30 properties for sale in Warrnambool are listed above the million-dollar price point as uncertainty surrounding new builds pushes prices up.
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One third of those homes have a multi-million dollar price tag, including properties along Logans Beach Road, Lava Street and Canterbury Road.
Brian O'Halloran and Co director Brian Hancock said the number of homes listed at the higher end of the price range had increased across the city since the COVID-19 pandemic disrupted labour and material supply.
It comes as the latest Home Price Index Data, analysed by PropTrack, revealed regional Victoria's home prices had grown by about 40 per cent in the four years since the pandemic began.
"People want to be in a house now so they see value in the higher end," he said.
"That million-dollar price range, and either side of it, seems to be offering good value because by the time you buy a block of land and try to develop it, it takes about a year or more to build.
"The building costs are still up there. There are Warrnambool properties going into the two million-dollar-plus mark, but they're warranted because of their position and the nature of the build product that's with them."
Charles Stewart Real Estate agent Penny Adamson - who specialises in the sale of high-end properties - said since the COVID-19 pandemic, buyer attitudes had also changed.
She said while some had previously viewed the city as a location for an investment property or holiday house, they were now looking to establish their home base in Warrnambool.
"There's been a whole re-structure since COVID," she said.
"People have re-assessed their lifestyle and the way they're living, they're living smarter and looking for beautiful homes they know they can now work in.
"They've done a flip, buying investment properties in Melbourne."
She also agreed with Mr Hancock, stating many were willing to pay for convenience.
"The uniqueness and style of the property and the ability to just walk in and put the kettle on, there's that convenience factor in it as well," Ms Adamson said.
"Warrnambool still represents very good value for money, properties at that price point are quality homes and a lot of the ones on the market - it's really cost of production, you've got million-dollar blocks with beautiful homes and the cost of build is very high.
"A lot of homes have some timbers you can't even source anymore let alone how much they're going to cost."
