Koroit home sells for $1m, while young couple secure new family property

The couple had been looking for more than 14 months for the perfect home before snapping up a four-bedroom offering at 703 Koroit-Port Fairy Road on Saturday, July 6.

"This will be our second home, we bought our first home in Mildura," the couple who did not want to be named said.

"That was our starting point. We moved back home because we are both originally from the Terang/Warrnambool area.

"We live in Warrnambool at the moment. We had been looking for more than 14 months. It's been a long process and it's had its ups and downs with a couple of disappointments."

The couple made an opening bid of $600,000 before negotiations with the owners via selling agent and Ray White director Fergus Torpy saw the hammer fall at $640,000.

"This is our first auction. The heart was absolutely beating," the couple said.

"We didn't want to be in town (Warrnambool). We did some driving around in the search for a house and came to Koroit and liked what was on offer here. We have a young daughter who is two, so it will be exciting to settle down with her."

Mr Torpy said it was a great result for the couple and the selling owners. .

"The owners hadn't planned on selling, but circumstances change," he said.

"It's a good price in the current climate, that's for sure."

He said homes in Koroit were proving popular with younger families.

"With all the infrastructure that has gone on down Commercial Road with new footpaths, the supermarket, shops, the butchers the whole lot is great," he said.

"The amount of buyers coming through properties at Koroit is as strong as we have ever seen. We have a property around the corner in Bourke Avenue that has had close to 20 people through it in 10 days. They are strong numbers.

"People see Koroit as a pretty good market for value for money. Bigger block sizes, better value lifestyle. It's seeing a lot of a younger generation coming out to Koroit."

Another Koroit home at 27 Anne Street sold under the hammer for $1,010,000.

The four-bedroom home comes complete with a swimming pool and shedding.

Mr Torpy said the top range the home was expected to fetch came in at $935,000, but the final sale price blitzed that.

"There were six bidders and about 100 people in the crowd. It was pretty epic," he said.

"It sold to a local young family. It was great. There was a combination of bidders from Warrnambool, Melbourne and interstate. It just shows there are still great results in the current climate and people still looking to buy homes. There's some good confidence in Koroit."

A four bedroom home at 2/7 Davis Street, Warrnambool, also sold under the hammer for more than $700,000.

Agent Tessa Stephens said it sold to first home buyers.

A four bedroom, two bathroom home at 12 Yarra Street, Warrnambool, was passed in on a vendor's bid of $650,000. It is now on the market at $649,900.

Number 6 Clonmel Court was also passed in on a vendor bid of $700,000.