Albert Park $2.4 million weekend auction tipping result

The vendors of 78 Beaconsfield Parade, Albert Park, learned the hard way on the weekend what a difference an underbidder can make in an auction, says Mark Armstrong of Property Tycoon.

"Although the last comparable sale on Beaconsfield Parade was only two months ago and sold for $2.66 million, this property failed to reach similar heights," Armstrong points out.

"The main reason is because, unlike the previous sale, there was no under-bidder there to compete, so the successful purchaser felt no need to bid."

The property was passed in on a vendor bid of $2.3 million and sold in post-auction negotiations for $2.4 million.

By way of contrast, Armstrong points to the weekend auction of 17 Yarraford Street, ALPHINGTON.

"With an agent quote of $1.6 million plus, the first bid was $1.71 million," Armstrong notes. "Two bidders then competed aggressively before the property was sold for $2,115,250."

Sale price: $2.4 million

Agent quote: $2.4 million to $2.5 million

% above agent quote: 0%

Bidders: 0

Last sold: No sale on record

Average tip: $2,628,478

% Correct tips: 1.72%

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