Weekend auction tipping result

Weekend auction tipping result
Cassidy KnowltonDecember 8, 2020

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.

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