Melbourne auction tipping

In Melbourne this week you can buy a piece of an Elwood seaside mansion and live100 metres from the beach for less than $500,000.

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

One of the five Melbourne properties is 15/17 Byrne Avenue, Elwood, a unique one-bedroom apartment located in a converted 1889 Victorian mansion and comes with many of the old-world features, including an open fireplace.

The impressive apartment was last sold in 2001, when it fetched $276,000. The last sale in the block was in March this year, when it sold at auction for $510,000. Biggin and Scott expect a sale price of between $430,000 and $470,000.

If you think you know what it will sell for place a tip at Property Tycoon.