Weekend auction tipping

The auction of the tightly held property at 78 Beaconsfield Parade, Albert Park is likely to attract bidders with deep pockets, according to Mark Armstrong of Property Tycoon.

"With no recorded sale in the last 30 years the property is likely to attract some strong interest," Armstrong says. 

He points to the recent strong growth in the suburb as a reason for its likely high sale price

"Houses in Albert Park have an outstanding growth record over the last five years," Armstrong says. "In 2005 the median value of houses in Albert Park was $670,000, by the end of 2010 it had rocketed to $1.3 million, a growth rate of over 14% per annum. That sort of growth suggests Albert Park houses are always in strong demand."

Although the Beaconsfield Parade property is "in need of some love", Armstrong still believes it will fetch a price comparable to nearby properties.

"The last comparable property on Beaconsfield Parade, on 349 square metres, sold only last month for $2.66 million. With an under-bidder from that auction likely to be still floating around the market, a sale price in excess $2.6 million is on the cards."

Agent: Greg Hocking agent John Holdsworth

Quote: $2.4 million to $2.5 million

Last sold: No previous sale on record

Suburb median: $1.3 million

Five-year median growth: 14.18%

If you think you know what it will sell for place a tip at Property Tycoon.