Melbourne first-home buyer weak, affordability key in Sydney as auction tipping competition properties struggle to get across the line

In Melbourne this weekend the first-home buyer and investor market is proving to be weak but the home buyer market is very strong.

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.

The one-bedroom apartment at 10/17 Byrne Avenue, Elwood (pictured above), failed to gather any real traction and was passed in on a solitary bid. It sold soon after auction for $450,000.

Unit 11 in the same block sold earlier this year for $510,000, and although this apartment was slightly bigger, it does illustrate a market with patchy demand.

The property at 57 Thompson Street, Drummoyne (pictured above), failed to get any interest at all. The Drummoyne property was quoted at $1.75 million plusand was withdrawn from sale prior to the auction.