Weekend auction tipping result
The auction at 12/29B Hampden Road, Armadale sums up the current market sentiment of cautious buying. The property failed to attract a bid and was passed in on a vendor bid of $560,000. However, soon after the auction multiple buyers came out of the woodwork to declare their interest and the property was sold late on Saturday afternoon for $620,000.
Sale price: $620,000
Agent quote: $550,000 to $620,000
% above agent quote: 0%
Bidders: 0
Last sold: November 2008 at $542,000
Growth since last sale: 4.69%
Median growth: 7.92%
Average tip: $622,238
% Correct tips 45.68%
This result indicates a more significant softening in the apartment market and this is creating good buying opportunities for savvy investors who understand the property market in blue-chip locations does not stay on its knees for very long. When the market bounces back in the years to come these properties are more likely to benefit from a greater level of capital growth.
The average tip for this property was just $2,000 above the sale price, and almost 50% of tippers on propertytycoon.com.au added this property to their portfolios.