Weekend auction tipping
Horse racing isn't the only tipping to excite punters' hearts this weekend. There's now a website, www.propertytycoon.com.au, where Melburnians can guess auction results, with no outlay. It's mostly about testing your market knowledge with a small cash prize as a sweetener.
But Melbourne auction numbers will fall dramatically to around 440, almost 50% less than last weekend, as many vendors opt not sell over the Melbourne Cup weekend. In this environment we are likely to see clearance rates increase slightly as purchasers compete for less available property.
The property at 12/24B Hampden Road, Armadale is an example of a property that may see a stronger result driven by its blue-chip location and highly sought-after Art Deco style. Many buyers prefer these older-style apartments due to the larger size of the rooms and fewer apartments in each block.
This week the auction market may also have a reason to feel more confident as inflation numbers indicate a very high chance of an interest rate reduction on Melbourne Cup Day, with the possibility of another one early in the new year.
12/29B Hampden Road, Armadale
Agent: Hocking Stuart - Andrew James
Quote: $550,000 to $620,000
Last Sold: November 2008
Price: $542,000
Suburb median: $555,000
Five-year median growth: 12.46%
If you think you know what it will sell for place a tip at Property Tycoon.