Top end patchy as Melbourne auction tipping competition property sells but Sydney home passed in

There was a competitive auction this week for a Melbourne property featured in this week's auction tipping competition Property Tycoon, but the Sydney property was passed in.

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.

When Cedric Newbond from Hocking Stuart lifted the quote for 15 Bond Street, Mt Waverley (pictured below), to $1 million to $1.1 million he was confident it was going to be a competitive auction. When the successful purchaser launched in with a massive $100,000 jump in the bidding his suspicions were confirmed.

The $1.1 million bid was the catalyst to put the property on the market, and then the auction went to another level. When the dust settled six people had placed bids and the property was sold for $1.26 million.

Unfortunately all the glitz of 10 Darling Street, Balmain East, failed to translate into bidding on Saturday. The five-bedroom home had been renovated to within an inch of its life but it appears this is not what the market is looking for as it was passed in on a $2.7 million vendor bid.

The top end of the property market is patchy to say the least, with most buyers looking for value in their purchase. Recent results continue to demonstrate buyers see value in properties that are comfortable now with the option to renovate down the track.