Warrnambool's housing market remains strong into April, real estate agents say

The market has seen a five to 10 per cent fall from its peak at the end of 2021.

Christine Steere from First National Real Estate said while the agency had received less visitation to open houses, sale prices weren't dropping.

"The frenzy of people trying to buy into Warrnambool has definitely slowed down but there are still genuine buyers for the right property," she said.

"Being on the coast, we've still got plenty of interest."

Gary Attrill from Falk and Co said house prices had stabilised over the past six months.

"It might've come down slightly but not by much," he said.

"The core has dropped off a little but we're still getting good results, it's probably just taking a little bit longer."

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Mr Attrill said interest rate rises had taken some buyers out of the market.

"People are more cautious for sure," Mr Attrill said. "It's not going crazy like it was six months ago but there's still solid inquiry."

Danny Harris from Harris and Wood Real Estate said its open houses had received strong visitation due to the fewer number of properties.

"It's a market where there's an opportunity for both buyers and sellers at the moment," he said.

Mr Harris said the current market reminded him of how it was following the 2008 global financial crisis.

"There's a lot of similarities in that many people feel uncertain, which is understandable," he said. "But in my opinion that's exactly the time that smart money tends to opt into the market."

Mr Harris said buyers were similarly hesitant in 2008.

"But the ones who opted in were rewarded really quickly and saw a bounce back within 12 months," he said.

"My advice is trust that buying when everyone else is reluctant is probably the smartest move you can make. History says that's the best way to do it."

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