PRICES were almost too good at Wycheproof sheep sale today where first cross ewes reached $184, Merino ewes sold to $167 and Merino wethers peaked at $102.

Rates were up to $20 better than the already strong results posted at Wycheproof just weeks ago and had some onlookers wondering when the bubble would burst.

Paul Bibby from Charlton was the underbidder on one of the top pens of wethers that eventually sold for $96.

"I knocked back $94 for wethers at home - I've never done it before and it seems ridiculous - but you've got to be able to buy back in. Plus it would take three years of shearing to get the money back on them, unless you sell them next year," Mr Bibby said.

"It's where the price should be, no doubt, but it has to stay there for the next 12 months for me to be able to buy with confidence."

First-cross ewe lambs were $10 to $20 dearer than the previous Wycheproof sale, joined Merino ewes were on par and wethers were $10 to $15 dearer, underpinned by strong processor interest, Landmark's Peter Palling said.

But despite processors putting up a spirited fight, they were outbid by producers on all bar one pen of wethers. 

This was a reversal from sales in mid last year when processors paid the top prices for joined ewes, Mr Palling said.

Father and son John and Tim Byrne achieved the day's top price of $184 for their 170 Dorper-Merino first cross ewes, October shorn and joined to Poll Dorset rams.

"We'd have been happy with mid $150's, but they went for them," Tim said.

"With the lamb market and mutton market so buoyant, there's a fair bit of confidence about," John said.

John Watson of Ormonde Farms sold 238 Merino ewes, 1 1/2-years-old, Collinsville blood and joined to White Suffolk and Poll Dorset rams for $167.

The ewes had been bought out of Western Australia last year and were two weeks from lambing.

"I wouldn't want any less in the present market," Mr Watson said.

"They're too good to sell, but if you want to get good prices, you've got to sell good sheep. It would be nice to thing the sheep market will stay up, but due to the interest now, there's going to be a lot more suckers around at the end of the year and so it made sense to sell."

First-cross ewe lambs sold to $150 for the few pens on offer in the total yarding of 8000.

Sheep mostly sold to buyers within a two-hour drive with additional competition from Leongatha and Lucindale, South Australia.