Weekend auction tipping $1.3 million result

With almost 900 auctions this weekend, 150 of which were properties above $1 million, it was clear that not all properties were going to attract competition. 158 Napier Street, South Melbourne was one of these properties, as a very small crowd looked on as the property was passed in on a vendor bid of $1.3 million. A negotiation commenced after the auction, with a sold sticker appearing on the board shortly after. 

Many tippers on www.propertytycoon.com.au predicted a stronger price with an average tip of almost $1.4 million. This result shows us that as supply grows in a spring market we see more opportunities to buy well. 

On the upside for the vendor, who only paid $300,000 for the property, it has shown a solid growth rate of almost 9%.

168 Napier Street, South Melbourne

Sale price: $1,300,000

Agent quote: $1.3 million to $1.35 million

% above agent quote:  0%

Bidders:  0

Last sold: June 1994 at $300,000

Growth since last sale:  8.82%

Median growth: 8.39%

Average tip: $1,419,305

% Correct tips  7.32%