Weekend auction tipping result

Good-quality and affordable family homes in the inner suburbs are often in short supply regardless of market conditions. Consistent demand from growing family and a lack of supply helped 71 Perry Street Fairfield grow by 3% more than the wider market since its last sale in 2003. The opening bid was $1.1 million and was quickly followed by 20 bids of $10,000 in less than a minute before it was sold under the hammer for $1.3 million.

“This result shows that even in a very weak property market some property is still holds up well,” Mark Armstrong from the property auction analysis website propertytycoon,com.au notes.

“The current property market is the perfect time for home buyers to upgrade their family home, because although they may sell their existing property for 5% to 10% less than they could have achieved a year ago they will also buy for 5% to 10% less.

“In dollars terms there is greater benefit in the savings achieved when buying a more expensive property compared to the loss on the sale of a cheaper property,” he adds.

71 Perry Street, Fairfield, VIC, 3018

Sale price: Sold $1.3 million

Agent quote: $1.1 million to $1.2 million

% above agent quote: 7.69%

Bidders: Two

Last sold:  November 2003 for $697,000

Growth since last sale:  8.11%

Median growth:   5.07%

Average tip:  $1,200,998

% Correct tips: 9.72%

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