Small house to be auctioned attracts plenty of attention in South Warrnambool

Harris and Wood real estate agent Matthew Wood said 4 Elliott Street, which represented a "rare opportunity" for people to break into the tightly-held South Warrnambool market, would be auctioned this month.

He said the one-bedroom, one-bathroom property, set on a 430 square metre block, could be renovated or demolished to make way for a new home.

Mr Wood said he'd been inundated with inquiries, which included three from Melbourne-based real estate agents, developers looking to establish holiday rentals and "plenty of local mums and dads who realise it's a great spot to be".

He said there was very little land available in the area and it was quality location.

"It's a rare opportunity to buy in South Warrnambool," Mr Wood said. "It's walking distance to the CBD, you've got Thunder Point Coastal Reserve, the Merri River, the rail trail, Lake Pertobe recreational area, walking and bike paths. I think it's one of Warrnambool's most livable areas."

Harris and Wood sold nearby 16 Stephens Street, a three-bedroom home, for $930,000 at an online auction last month.

He said offers for 4 Elliott Street had already been made which had been rejected and the price guide had been updated.

"It's changed." Mr Wood said. "Initially it was $300,000 to $330,000 but because we've had offers, with the the statement of information if the owner rejects an offer you must reflect that in your statement of information, so now our price guide is $365,000 to $405,000."

He said the final sale price would reflect the high demand they were seeing from buyers for the property.

Mr Wood said interest from metro real estate agents keen to buy in Warrnambool "acknowledged it's a great destination".

"Where the buyers are coming from who knows," Mr Wood said. "It's a big cross section of buyers."

The property is open for inspection Sunday at 11am (parties must register). It will be auctioned Saturday, August 21 at 12.30pm on site.