A big crowd doesn’t mean many bidders for auction tipping competition properties

A Melbourne property that would suit downsizers drew a lot of interest, but few bidders, at its weekend auction.

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.

As expected a lot of grey heads greeted the auctioneer at 2/1 Mountain Grove, Kew (featured on Property Observer on Friday), as a huge crowd of downsizers look on with interest. But as is becoming all too common a big crowd did not mean lots of bidders as only two buyers contested the auction.

Luckily for the vendor it only takes two to make an auction as the property (pictured above) eventually sold for $1.23 million, just slightly above the agent's anticipated selling range.

Good interest leading up to the auction of 9/8 Holkham Avenue, Randwick (also featured on Property Observer on Friday) failed to extract a bid that was acceptable to the vendor after the auction had finished. The property (pictured above) passed in for $707,000 before the highest bidder went inside to nut out a deal that made the vendor happy.

When the dust settled a sold sticker did appear on the board, but maybe the price was not exactly what the vendors wanted as they requested the price not be disclosed.

Agent Charles Stevens can tell us the price was in excess of $720,000.