South Yarra $1.9 million weekend auction tipping result

Despite the inclement weather, a South Yarra unit that had not been sold in 30 years attracted fierce bidding at its weekend auction. 

"With rain pouring down outside a large crowd crammed into the lounge room of 6/50 Marne Street, South Yarra as 5 bidders fought it out," says Mark Armstrong of Property Tycoon. 

"The bidders were mainly retirees looking to downsize in a blue-chip location and a number of large bids including a $40,000 jump in the closing stages was not enough to convince the vendor to place the property on the market," he says. 

"The bidding stopped at $1.825 million and the vendors dug their heels in and passed the property in. The vendors were aware of two facts: 1) The last comparable sale in the block sold for $1.9 million and 2) properties like this very rarely lose value regardless of the market conditions. 

"Their punt proved to be correct as shortly after the auction the highest bidder purchased the property for $1.9 million."

Sale price:  Sold $1.9 million

Agent quote: $1.6 million plus

% above agent quote: 15.97%

Bidders: Five

Last sold: No sale on record

Average tip: $1,764,794

% Correct tips: 4.44%

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