A home in Warrnambool's north sold at auction on Saturday for $605,500, more than $250,000 above what its owners paid for the property three years ago.
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The three-bedroom home had been renovated to include a new kitchen and bathrooms, repainted and its floor coverings were replaced.
Ray White Warrnambool senior agent Chris Thomas said it was a well presented home in a good location and bidding opened at $500,000.
There were four active bidders and more than 50 bids placed for the property.
Mr Thomas said bids went in $15,000 and $10,000 increments to reach $535,000 before rising in $500 bids.
"It went in $500 bids for some time and got down to two parties who fought it out," he said. "It was a bit of a tennis match for about 10 minutes."
About 60 people attended and the home was purchased by a Warrnambool family.
"It just goes to show there's still pretty high confidence around the region with buyers," Mr Thomas said.
"We had a price guide of $520,000 to $570,000 and it achieved over the top of that which is fantastic for the owners. The buyers are absolutely ecstatic with it and think they got a great value home. Everyone's happy which is good."
A four-bedroom period home in original condition at 18 Ryot Street also sold at auction for $625,000 to an out-of-town investor. About 60 people watched on. It had a price guide of $595,000 to $654,000.
Bidding opened at $550,000 and rose in $20,000, $10,000 and $5,000 increments to reach the final sale price of $625,000.
Ray White auctioneer Fergus Torpy said the owner had had the property for more than 20 years and were ecstatic with the result.
Meanwhile, a three-bedroom home at 31 Keith Street sold for $460,000. It was purchased by a Warrnambool couple who bought it as an investment.
The couple was the only bidder, opening the auction with a $390,000 bid. It was followed by a vendor bid of $410,000 and a buyer bid of $420,000 prior to negotiations to get to the final sale price of $460,000.
Ray White sales executive and auctioneer Lachie Kelly said it was a solid outcome and the home sold within its price guide of $440,000 to 480,000.
A home at 56 Japan Street, which was due to be auctioned on Saturday sold prior for $840,000 to a couple who is relocating from the Mornington Peninsula.
Of the five auctions held on Saturday, two properties were passed in.
A three-bedroom home at 12 Omega Crescent, in the city's east near Hickford Parade, was passed in with a vendor bid of $700,000.
A four-bedroom home at Seascape View, off Hopkins Point Road, was also passed in with a vendor bid of $680,000.
Mr Kelly said despite the mixed results Saturday's sales "still show extremely strong buyer confidence".
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