Picky buyers willing to wait dampened auction tipping competition results

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

Both properties featured on Property Observer were passed in at their super Saturday auctions, as top-end buyers failed to show much interest. The converted warehouse at 5/4 Tullo Place, Richmond (pictured above) failed to attract the price the vendor was hoping for.

"There was more curiosity from neighbors than genuine interest from buyers at the auction of 5/4 Tullo Place Richmond on the weekend as a small crowd looked on as the property received one bid at $1.3 million before being passed in," says Mark Armstrong of Property Tycoon.

"There was a bit of action after the auction however as another buyer showing interest and offered $1.5 million, but this was still a fair way of the $1.65 million the vendor is holding out for."

The Sydney property featured on Property Observer, 21 Gibson Street, Bronte (pictured above), also struggled to get over the line.

"In Sydney the lack of off-street parking was the major objection from buyers for 21 Gibson Street, Bronte," says Armstrong.

"The auction failed to gain any real traction and was passed in for $2.025 million with a reserve of $2.4 million.

"The result illustrates that when buyers are looking to spend that amount of money they really need every box ticked or they will simply wait for better options."