Five property auctions were held in Warrnambool on Saturday

Persistent rain failed to dampen the spirits of a surprise late bidder who bought No. 4 Howard Street in Warrnambool for $765,000 on Saturday morning.

Bidding kicked off at a moderate $550,000 for the historic four bedroom home.

Five bidders then gradually lifted the offer to $735,000 before Ray White auctioneer Fergus Torpy sought further instructions from the vendors.

That was just below the listed price range of $740,000 to $800,000.

A private $10,000 bid lifted the offer to $745,000 and the property was declared by Mr Torpy to be on the market.

As the home was in the process of being knocked down there was a surprise $20,000 bid from a local buyer which lifted the offer to the eventual sale price of $765,000.

About 60 people attended the auction.

The property was listed as a near original Victorian Architecture home in the heart of Warrnambool.

The Ray White agency had four auctions on Saturday.

Mr Torpy said 27 Stanley Street in highly-sought after South Warrnambool attracted a healthy crowd of about 75 people.

"There was high interest due to the value land of the 775sqm block," he said.

"The three local bidders started at $500,000 and it sold for $652,000, well above the listed price range of $550,000 to $600,000."

A property 27 Koroit Street was sold to a local for $587,500, inside the listed price range of $570,000 to $625,000.

About 25 people attended the auction and there were two bidders.

A home at 60 Gateway Road also attracted two bidders and sold for $465,000, inside the price range of $440,000 to $480,000.

Mr Torpy said bidder numbers remained strong, always a good indicator of a strong market.

He said there were six bidders at the Howard Street auction.

"The recent hold on interest rates provided a level of predictability and certainty," he said.

"Interest rates do impact the bottom end of the market more where most buyers don't have equity to draw on and their serviceability comes down to income."

The agent said with the average Warrnambool house prices, between $580,000 and $600,000, that six per cent interest rates demanded significant repayments.

He said there was still a strong market for properties above the average price, with experienced buyers operating in that space.

Harris Wood Real Estate partner Matthew Wood was delighted competitive bidding resulted in a better-than-expected sale price for a Craig Street property.

He said the sale of 12 Craig Street went well, opening at $630,000 and rising in $10,000 bids to $700,000.

There were a couple of $5000 bids to $710,000 and then $1000 bids to the sale price of $727,000.

About 80 people attended the auction with five local bidders.

"We're very happy with that sale price, it was definitely well in excess of the owners' reserve of $660,000," he said.

"Initially the property was listed at $680,000 to $740,000 but it did not attract much attention.

"We dropped the price range and that created a lot more interest.

"At auction competitive bidding took the price back up to that original range."

Mr Wood said that generally the higher end of the market was solid.

"We're finding good interest in good quality homes, a lot of interest in the medium to high end of the market," he said.

"They're establish people, not first home buyers or investors.

"These are people who have experience with six or seven per cent interest rates previously.

"It's not foreign territory for them," he said.

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