Strong results for weekend auction tipping, with most properties selling at or after auction

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.

This week most properties in the competition sold under the hammer or just after auction, with two of five Brisbane properties passed in and all five in Melbourne and Sydney finding buyers.

The Melbourne property featured on Property Observer, 32 Bastings Street, Northcote (pictured above) sold just after auction. 

"In Melbourne a huge crowd came out to see the auction of 32 Bastings Street, Northcote. Initially no one wanted to be the first to bid but eventually two bidders came out from behind the trees, literally," says Mark Armstrong of Property Tycoon.

"The property was passed in for $1.5 million and sold shortly after for $1.6 million. A great result for the owner given they purchased the property for just under $1 million six years ago."

The Sydney property featured on Property Observer, 7 Boyce Street, Glebe (pictured above), "enticed three bidders into the auction, and the property sold under the hammer for $1.65 million," says Armstrong.

"While this price is $150,000 more than the owner paid in 2008 it represents an annual growth rate of under 3% and illustrates the downside of holding property for a short period of time."

But unusually, it was the Brisbane property, 17 Pauline Street, Tarragindi (pictured below) that had the most interest. 

"Brisbane's market continues to show pockets of strength, with a massive auction for the large seven-bedroom home at 17 Pauline Street, Tarragindi," Armstrong says.

"Ten parties were keen to call this place home, but only one was prepared to pay the $1.32 million that was required."