The Warrnambool house sold for $31,000 above the reserve

The Shaw Street house in Warrnambool sold for $631,000 with 34 people logged on for the auction.

Ray White Warrnambool real estate agent Harry Ponting said the four-bedroom home sold for $31,000 above the reserve.

Bidding on the house opened at $500,000 and initially climbed in $20,000 increments, reaching $540,000.

Buyers then bid in $10,000 increases before reaching $580,000 and then rose in $5000, $2000 and $1000 increments until the house was sold.

"The house is only four years old and has been well looked after," Mr Ponting said. "It's in a good spot too. There's a lot of interest in that area. It's really tough for buyers and there were a few disappointed ones today, but that's the way it works out."

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He said the buyers were from Melbourne and were keen to make their way to the south-west. He said the vendors had a growing family and were moving to Western Australia.

He said there were eight registered bidders and the 24 hours leading into the auction had been frantic with the lockdown called on Thursday afternoon.

Mr Ponting said once the lockdown was announced he was in contact with the vendors to see if they wanted to proceed with an online auction.

"They couldn't really delay the auction, they're in a position where they need to get back to Perth," he said. "To get that result, they were more than happy."

An auction for a three-bedroom house in Jamieson Street was scheduled to go ahead on Saturday but was postponed. The statement of information had listed the indicative selling price for the house as between $690,000 to $760,000.

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