Large crowd watches Warrnambool home sell at auction

It was one of two houses that sold at auctions. Two others were passed in.

Bidding for the Cape Cod-style property on the corner of Henna and Koroit streets opened at $550,000 before eventually selling for $640,000.

Auctioneer, Ray White Real Estate director Fergus Torpy, threw open the auction in front of the large crowd saying the property was a beautiful Cape Cod-style home that was rarely seen in Warrnambool.

The auction got under way with the phone bid of $520,000.

Two bidders took the final offer to $610,000 where the auction stalled while negotiations took place.

An increased bid of $640,000 restarted the auction but, after no more bids, the hammer fell and the property was sold. The four-bedroom home had a listed expected price range of between $650,000 and $710,000.

A four-bedroom home in Aitkins Road in need of renovation was also sold after an auction battle between three bidders for $405,000. Mr Torpy said they had a couple of good results at auctions which followed last weekend's strong showing.

He said it was a big turnout for the Henna Street property.

"It felt like we had half of Warrnambool there," he said. "It would have been nice to have 10 bidders fighting it out but I think those days are behind us."

Mr Torpy said the real estate market had stabilised.

A four-bedroom home at Booval Drive in north Warrnambool was passed in after no bids were received.

The auction opened with a vendor bid of $700,000, followed by a second vendor bid of $725,000 before it was passed in.

Mr Torpy said negotiations were ongoing with interested buyers following the auction and he was hopeful of a sale within days.

A four-bedroom Barkly Street property was passed in at $500,000 after a live bid og $480,000. Negotiations are ongoing with potential buyers.

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