Weekend auction tipping
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.
Melbourne's auction market will continue to build leading up to Christmas now we have passed the Melbourne Cup weekend, with 595 properties due to go under the hammer this weekend. But regardless of how many auctions there are it is very rare to find a property similar to 30 Elwood Street, Brighton on any weekend throughout the year.
The property sits on almost 1/4 of an acre and has been very tightly held over the years, last being sold about 20 years ago. Determining the value of this calibre of property can often be very difficult. Property valuation is determined by the recent sale results of similar properties in the area. The problem is with such unique property there are no comparable sales to use as a guide.
On the day of auction if two buyers have fallen in love with the property the desire to secure it can result in a sale price that is out of kilter with the rest of the market. However, uncertainty in global markets could mean that the traditional buyer for this property is too nervous to make a move.
The result of 30 Elwood Street Brighton will be a very good test for the top end of the Melbourne property market.
Agent: Kay & Burton agent Mark Bury
Quote: $2.5 million to $2.75 million
Last sold: May 1992
Price: $620,000
Suburb median: $1,768,500
Five-year median growth: 10.16%
If you think you know what it will sell for place a tip at Property Tycoon.