East Melbourne $3.1 million auction tipping result

The weekend auction of 52 Berry Street, East Melbourne, was somewhat lacklustre, says Mark Armstrong of Property Tycoon. 

With only two bids, the property was passed in for $2.91 million and sold in post-auction negotiation for $3.1 million.

"Given the last sale in the street sold for $3.3 million many tippers thought this price was light on, with the average tip being $35,000 above the sale price," says Armstrong.

Before the auction Armstrong noted its excellent position and had predicted competition would be strong for the property.

"Locations do not get much better than 52 Berry Street, East Melbourne, as it is on the doorstep of the MCG, Bridge Road Richmond and a brief walk to the city," Armstrong said before the auction. " The property has open entertaining spaces on the ground floor in addition to three bedrooms and a large study on the upper floors. It is well suited to the executive couple with no children or downsizes who are looking for a lifestyle change."

52 Berry Street, East Melbourne, VIC, 3002

Sale price: $3.1 million

Agent quote: $3 million plus

% above agent quote: 3.23%

Bidders: Two

Last sold: November 1997 for $920,000 

Average tip: $3,135,821

% Correct tips: 8.24%

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