Sydney and Melbourne properties fall well short of expectations in round two of auction tipping

There's now a tipping website, www.propertytycoon.com.au, where punters can guess auction results in Melbourne, Sydney and Brisbane, with no outlay. It's mostly about testing your market knowledge with a small cash prize as a sweetener.

The one-bedroom apartment at 18/24a Musgrave Street, Mosman (pictured above), featured as one of the five Sydney properties in round two of Property Tycoon's auction tipping competition, fell well short of its agent's $1.2 million expectations. It sold for $1.05 million.

"A closer look at the analysis show this property has still been an outstanding investment for its owner," says Mark Armstrong of Property Tycoon. 

Two Sydney properties in the competition were passed in.

The Melbourne property featured on Property Observer, 8/29 May Road TOORAK (pictured above), also failed to meet its vendor's expectations, but the vendor was unwilling to settle for less.

"A cold and wet day in Melbourne kept the buyers away from the one-bedroom apartment in May Road, TOORAK," Armstrong says. "Although there were multiple bidders the property failed to meet the vendors' expectations. The property passed in for $410,000 and also received a later offer of $420,000."

It was last sold in 2009 for $418,000 and was among three Melbourne properties that were passed in.

The Brisbane property featured on Property Observer, 22 Archer Street, Gordon Park (pictured above), sold for $875,000. The agent had provided comparable sales of between $700,000 and $800,000.

"The Brisbane auction market has been on its knees this year but this result shows that good property, that is well located and presented, will always be in strong demand," Armstrong says.

All four other properties in the Brisbane competition were passed in.