Patchy result for property auction tipping competition

There was a patchy result for auction tipping competition Property Tycoon auctions this week, as three out of five properties sold in both Melbourne and Sydney.

For those who want to have a harmless punt, 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 result at 64 Rosedale Road, Glen Iris (pictured below), shows the inner-eastern Melbourne market is well supported, as three bidders contested the auction.

After being quoted at $1 million to $1.1 million by James Redfern at Marshall White, the property was announced on the market at $1.15 million before selling under the hammer for $1,226,000. This price was almost $100,000 more than the average tip.

It was a different story for 56 Bland Street, Ashfield (pictured below), in Sydney’s inner west, where it sold for $100,000 below the average tip.

Agent Tony Andreacchio from Raine and Horne was spot on when he quoted 56 Bland Street, Ashfield, at $1.35 million to $1.45 million, as the property sold on Saturday for $1.42 million.