Brisbane market struggles to maintain momentum, with all five Property Tycoon properties passed in

There's now a 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.

Although the Brisbane auction market has been showing signs of life in recent weeks, this week all five properties featured on auction tipping competition Property Tycoon were passed in.

“The clear message coming from the Brisbane market is the auction system is not being used to sell property under the hammer but to flush out a buyer and negotiate afterwards,” says Mark Armstrong of Property Tycoon.

The Melbourne property in the competition featured on Property Observer last week, 14 Airlie Avenue, Prahran (pictured below) fared better.

“A large crowd of around 100 turned out for the auction at 14 Airlie Avenue, Prahran, but although many parties had shown interest in the property only two were prepared to put up their hand when the auction started,” Armstrong says.

“One bidder was very strong and clearly wanted the property. It was passed in to him at $2.5 million and after a short negotiation it sold for $2.65 million.

But the Sydney unit at 1/95 Wycombe Road, Neutral Bay was passed in on a vendor bid of $1.55 million.