Warrnambool real estate agency predicts record year for auctions in city

Director Fergus Torpy said there had been 147 auctions to date and there were a further 20 scheduled before Christmas.

If the 20 go ahead, it will be a record year for the real estate agency.

The current record is 164 in 2022, Mr Torpy said.

Mr Torpy said it had been a solid year for sales, which came as a bit of a surprise to him given the 13 interest rate rises.

"I thought prices might come back a little bit more with inflation and the interest rate rises," he said.

"There has been some slight price easing, which might be more noticeable in some price points."

Mr Torpy said homes at the top end of the price range - $850,000 and over - had remained steady while prices at the lower end of the range had reduced slightly.

"The high price points have fared very well," he said

"Traditionally buyers in that price range are not as affected by interest rate increases."

Mr Torpy said auction clearance rates in Warrnambool remained higher than in Melbourne.

He said December was expected to be one of Ray White Warrnambool's busiest months for auctions.

Mr Torpy said he believed buyer confidence was good but people weren't making decisions as quickly as they were 12 months ago.

He said January was traditionally a very busy month for real estate agencies, with investors looking to secure property.

Ray White Warrnambool is preparing to auction a five-bedroom home with ocean views in Melbourne on December 12.

Mr Fergus said the auction, which would allow people to bid in-person or online, was being held in Melbourne because of its broad appeal.

He said there had been "good qualified interest" in the home, which has a price range of $2.85 and $3.13 million.

The house boasts an infinity pool, a theatre and a climate controlled wine cellar.

CoreLogic revealed last week house values had increased in most areas of the nation.

CoreLogic head of research Eliza Owen said this broadly reflected continued growth in the Australian housing market, despite high interest rates and weakening economic conditions.

The median price for a house in Warrnambool is $590,000, according to the Real Estate Institute of Victoria,.

This is slightly lower than the median price of $592,972 in the city in December last year.

Koroit's median house price has increased from $613,075 in December last year to $620,000.