Local buyers defy cold spring morning to contest the south-west's weekend auctions

It was slim pickings for auctions in Warrnambool on the morning of the Hampden Football Netball League grand finals with just one going ahead at 2 Gibbons Court.

More than 30 people attended the public sale of the two-bedroom property which sold to a local investor for an undisclosed amount within its quoted $420,000 to $460,000 range.

Bidding for the house started at $350,000 and was mainly contested between three parties offering amounts in $20,000, $10,000 and $5,000 increments.

A late bid of $415,000 from a fourth party capped proceedings as the house was passed in and went under negotiation between the vendor and buyer.

Warrnambool Ray White sales executive Lachie Kelly said it received above-average interest which he attributed to its proximity to the CBD and Warrnambool Base Hospital.

"We had a total of about 30 inspections [during the campaign] which was above expectations of what we're seeing currently," he said.

"It just goes to show it's a central property still really holding its own.

"The two-bedroom units in central Warrnambool always seem to be in higher demand."

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Mr Kelly said he was expecting more supply to enter the market despite recent interest rate hikes.

"The spring-selling season always brings an influx of properties... and a flurry of buyers," he said.

"There's been more of an influx of listings coming through... which should give buyers a bit more of an opportunity to check out a few different properties.

"Buyers are a bit cautious with interest rate rises every month. As real estate agents, we're just doing our best to try to maximise those prices across the board."

Meanwhile, a 677 metre-square allotment at 8 Childers Street, Peterborough sold at auction for $460,000 to a local buyer.

The sale was almost $100,000 above its quoted $351,000 to $365,000 range.

A three-bedroom house at 1-6 MacDonald Street, Warrnambool was privately sold before its scheduled auction for an amount yet to be disclosed while the auction of a three-bedroom unit at 1-192 Commercial Road, Koroit was called off and changed to a private sale.

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