Massive results for auction tipping competition properties on super Saturday

The auction system flexed its muscle this weekend with a couple of massive results.

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 Rae Tomlinson from Marshall White started the sale campaign for 67 Coppin Street, Malvern East (pictured below, she indicated buyer interest was above $2.5 million. She made it very clear that this was not a quote and the market would determine the eventual price. In the final days leading up to the auction the level of strong buyer interest had jumped above $2.8 million. The scene was set for a big auction.

The opening bid of $2.6 million followed up with $2.8 million set the tone for the auction. The price quickly moved up to $3.1 million, when the bidding stalled and the vendor was consulted. When the auctioneer came back out the property was announcement on the market. This ignited a bidding frenzy between four bidders until it finally stopped at $3,355,000. You can watch the auction highlights on our Facebook page.

It was a similar result at 32-34 Thornley Street, Marrickville (pictured below), when competitive bidding resulted in a sale price more than $200,000 above the reserve. The property was quoted to sell above $1.4 million, so when bidding reached $1.5 million agent Michael Harris sought his owner's instructions. By the time he got back to the auctioneer the reserve had well and truly been passed as bidding had flown to $1.65 million and was still rising.

Out of the 13 registered bidders only four had a chance to bidm and the property finally sold for $1,775,000. Not a bad result since it was only purchased three years ago for $1.35 million and had no major improvements.