Then someone in Ballarat swooped in and drove the record up another $20.

The region's lamb producers are reaping the benefits of "sticking with it" through dry and drought conditions across large tracts of the country, Ellis Nuttall & Co agent Rupert Fawcett said.

He was in charge of Bendigo's record auction.

"It's all about supply and demand at the moment. There are not that many lambs around at the moment as there usually are," Mr Fawcett said.

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Those who held out can take advantage of a smaller market and strong international demand - especially for the big lambs coming onto the market within 100km of Bendigo, he said.

Mr Fawcett said it was unclear whether the city could take back the record next Monday, even with big lambs expected to hit the lots.

"It would be good to knock Ballarat back off the perch," he said.