Property market could be on the turn as Kew and Chatswood properties go to auction in tipping competition

We are starting to see small signs that property market is on the turn. This week the Westpac Melbourne Institute Index of Consumer Sentiment reported home buying sentiment surged 9.6% in October to its highest level in three years.

There’s a website, www.propertytycoon.com.au, where punters can guess what they think properties will sell for at their weekend auctions in Melbourne and Sydney. This season Property Observer readers have their own competition, which you can access here. The winner of the overall competition will win $1,000.

The question for Tycoons is how will the turnaround in the property market impact on auction results this weekend?

The location of 31 Molesworth Street, Kew (pictured below) must be an enticing feature for home buyers and given that more than 2,700 have viewed the property online, many people agree.

The 1930s home sits on 836 square metres of land in one of Kew’s premier tree-lined streets. According to Greg Toogood from Jellis Craig the three-bedroom home has attracted strong interest in the $1.6 million to $1.7 million price range.

In Sydney more than 100 groups have inspected 28 Holland Street, Chatswood (pictured below), and agent Peter Chauncy from McGrath real estate anticipates a few of these will put up their hands on Saturday.

The four-bedroom family home is in comfortable condition now, but the 619-square-metre block of land will allow the new owner to makes some changes down the track.

If you are tipping on this one you will need to tip in excess of $1.5 million to add it to your portfolio.