Weekend auction tipping result

Weekend auction tipping result
Jonathan ChancellorDecember 8, 2020

The residence 21 White Street in the Melbourne suburb of Glen Iris sold at well at weekend auction, fetching a price well above expectations.

21 White Street, Glen Iris, VIC, 3146

Sale price: $1,860,000

Agent quote: $1.5 million plus

% above agent quote:  19.35%

Bidders:  6

Last sold: October 2006 at $1,079,000

Growth since last sale: 11.54%

Median growth for Melbourne8.6%

Average tip: $1.71 million

It was among the biggest auctions of the weekend, with well over 100 people looking on as six bidders aggressively competed for the three-bedroom family home.

Since being sold in 2006 for $1.079 million the property has had a cosmetic renovation and landscaping including a pool.

Although renovation costs need to be taken into account this rate of growth is significantly higher than the Melbourne median of 8.6% over the same time frame.

Mark Armstrong from propertytycoon.com.au suggests the result indicated a high level of confidence for home buyers who are looking to upgrade their family home.

He says investors and first-home buyers are a bit more wary, but the home buyers in this price bracket were showing real strength and are currently driving the property market.

Some 8% of the tipsters on propertytycoon.com.au were within close proximity to the sale price.

Jonathan Chancellor

Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.

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