Veronica Court house in Warrnambool sold for $132,000 above the expected range at auction

Two houses were auctioned online on Saturday with a four-bedroom house in Veronica Court in Warrnambool selling for $132,000 above the expected price range.

Bidding on the property opened at $475,000 with the house selling for $680,000.

Ray White Warrnambool director Fergus Torpy said 63 people viewed the two auctions with a lot of interest from local families and couples. He said the house was sold to a couple returning to the area.

A second house was auctioned at Mitchell Street in Warrnambool with bidding opening at $490,000. Mr Torpy said the auction got off to a nervous start before selling for $708,000 with the bidding between four people.

He said the auctions were a sign of the times in that it was difficult to predict at what price they would start and finish at.

"If you look at Mitchell Street that started at $490,000 and sold for $708,000," he said. "It's hard to read but the prices have moved so quickly over the past 12 months so it's really hard for anyone to get a gauge on what can happen.

"There's a lot of buyers around and a lot of different dynamics at play - obviously the lack of land, the interest rates, the lack of available houses on the market and probably the growth in the region creates a perfect storm for sellers.

"Prior to that Warrnambool had probably been a buyer's market place for the best part of 10 years."

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