Warrnambool properties sell well above reserve in weekend auctions

The low-maintenance unit, built nine years ago, sold for $555,000.

Ray White Warrnambool auctioneer Fergus Torpy said bidding for the property, which was on its own title on a 306 square metre block, was "unbelievably competitive."

"We couldn't believe it," Mr Torpy said. "We knew it would have strong interest but we didn't think it would reach those heights and that was all locally generated.

"It had five bidders who were all looking to reside in it and 90 per cent of the people looking to buy it were in an older demographic," he said,.

He said the interest highlighted a lack of single storey, low-maintenance properties in the city for retirees and singles.

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Meanwhile, a three-bedroom home at 2 Couch Street, Warrnambool sold for $65,000 above its reserve at the same Friday night online auction

Mr Torpy said the recently renovated house, sold for $565,000, and attracted first-home buyers and couples.

"Bidding opened at $500,000 and went in tens up to $550,000 and then in fives," he said.

"The young couple who were selling it were transitioning onto some acreage on the outskirts of town, so they were absolutely delighted selling their first home."

Mr Torpy said the buyer lived on the edge of town and purchased it as an investment.

A third property sold at an onsite auction on Saturday.

The three-bedroom home in sought-after south Warrnambool sold at auction for $40,000 above its reserve on Saturday.

Bidding for 8 Anderson Street began with a vendor's bid at $480,000 and bidding rose in $5000 increments to reach the final sale price of $540,000.

Harris & Wood real estate agent Matthew Wood said six registered people bid on the property and it came down to two parties.

He said Anderson Street sat behind the old Woollen Mill and the home was in its original condition, on a 737 square metre block. "It's really the position they were buying," Mr Wood said.

Mr Wood said the property's reserve was $500,000 and the sellers were very happy with the result.

"It's a family home and it's been in the family for a long period of time," Mr Wood said.

"It was part of a family estate. They were emotional to see it moved on but it's gone onto a lovely local family. I'm not sure what they'll do with it, whether they'll renovate it. I'm not sure."

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