McConnell Street home sells for more than $1 million at auction

The home sold for $1,030,000, which was more than $100,000 above agent expectations.

The 1940s Californian bungalow was extensively renovated in 2017, and had a price guide of $870,000 to $940,000.

The auction opened with a vendors bid of $870,000 and rose in $10,000 increments to $920,000. It was followed by five thousand dollar bids up to $1,010,000 and then one, two and three thousand dollar bids to reach the final figure.

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There were three active bidders, with the home selling to a south-west buyer in front of a crowd of about 50 people.

Northeast Stockdale and Leggo auctioneer Matt Northeast said it was a terrific result and the owners were delighted.

"It just shows the strength of the market, that's the value. It's gone to the true market test and that's the price it sold for," Mr Northeast said.

He said the losing two bidders were from Melbourne and were both looking to relocate to Warrnambool.

Mr Northeast said the home was in a great central location, which was walking distance to the CBD, schools and nearby Albert Park.

He said its location appealed to interested buyers, as well as the fact that no work needed to be done at the "beautifully renovated" property.

Meanwhile, a three-bedroom home at Woodford sold under the hammer for more than $160,000 above expectations.

The Bridge Road home, set on a 1619-square-metre block, sold for $823,000. It had a price guide of $600,000 to $660,000.

Ray White Real Estate agent Jason Thwaites there were three bidders, but it came down to two parties who contested the final $100,000.

Bidding began at $650,000 and Mr Thwaites said the property was purchased by a couple with a local connection to the region, who woiuld relocate soon to the city soon.

"The vendors are happy. It's a great result for them and the purchasers are very happy as well," Mr Thwaites said.

Mr Thwaites aid there had been a lot of interest in the property from across Victoria.

A four-bedroom home in Emma Avenue sold for $650,000, more than $80,000 above expectations.

Ray White Warrnambool agent Lachie Kelly said it was a very pleasing result for the owners who had renovated the property in the tightly-held area.

Mr Kelly said bidding began at $500,000 and increased in ten and five thousand dollar increments.

There were two active bidders, who were both from the region, and the home was purchased by a Warrnambool family.

Mr Kelly said there had been some good results at auction on Saturday which continued to highlight the strength of the city's market.

A recently refurbished three-bedroom home at Medinah Close in north Warrnambool also sold at auction for $570,000.

Brian O'Halloran & Co auctioneer Brian Hancock said it sold for $20,000 above expectations.

There were three interested parties, with the property selling to a retired couple who live on the outskirts of Warrnammbool.

Mr Hancock said bidding opened at $500,000. Bids rose in $10,000 and $5000 increments with some $2500 bids, before reaching the final sale price.

A three-bedroom home in Brown Street, Allansford, on a 792 square-metre-block failed to sell at auction on Saturday and was passed in at $400,000.

It had a price guide of $430,000 to $470,000.

Northeast Stockdale and Leggo agent Justin Allen said the home was now on the market for $450,000.

"We've had an offer in on it already and we've got interest straight away so I would imagine we'll sell it in the next week or so," Mr Allen said.

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