Interest doesn’t translate into bids for Elsternwick auction tipping competition property
There was a lot of interest – but not many bids – at an Elsternwick auction over the weekend.
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 agents were right about the interest in 21 Hopetoun Street, Elsternwick (pictured below) as, due to the rain, a huge crowd crammed into the living room to watch the auction.
Unfortunately for the owner this interest did not translate into bids as the property passed in on a solitary bid for $1.4 million. But one bidder really wanted the property, and after a short negotiation the buyer upped their bid by just over $140,000 as the property sold for $1.541 million.
The recent trend for many vendors in Sydney has been to try and sell prior to auction, as low clearance rates means taking a property all the way through to auction can be risky.
However the vendors at 22 Rawson Street, Epping (pictured below) knew they had strong interest in their property and on Saturday this interest converted into multiple bidders. After being quoted at $1.2 million plus, the property sold for $1,312,000.
