A first home buyer was the only successful bidder at the three auctions held in Warrnambool on Saturday. A three-bedroom house in Moonah Street sold under the hammer for $510,000 - almost double what it sold for a decade ago. The auction attracted just one bid of $480,000 from a buyer before a vendor bid of $500,000. Negotiations between the buyer and owner continued until it was finally sold for $510,000. The property had a selling price range of $500,000 to $550,000, and last sold in November 2012 for $270,000. Ray White Real Estate auctioneer Fergus Torpy told the crowd of about 30 people the property's location was becoming more tightly held. "It's a great first home," he said. A newly built four-bedroom home in Wanstead Street that has never been lived in was passed in at auction. Bidding opened at $400,000 and rose to $450,000, then $475,000 and finally $500,000. Negotiations between two bidders failed to secure a sale with the property being passed in at $520,000. Mr Torpy said they were still negotiating with a potential buyer for the house that is less than a year old. The property was expected to fetch between $545,000 and $599,000. A four-bedroom house in Mitchell Street that boasts a spa and "unbelievable" views across Brierly Recreation Reserve was passed in on a vendor's bid of $850,000 at auction. Mr Torpy said it would now go on the market. He said there was still a lot of activity in Warrnambool's property market but the last interest rate rise had had an impact, especially on first home buyers. Mr Torpy said the market wasn't as good as it was 18 months ago but was historically better price-wise than 2018. He said there were more buyers around now than five years ago.