Melbourne auction tipping: An attempt to resell in Toorak

There are many things that give agents headaches when trying to sell a property, but trying to re-sell a property that has just sold is one of the hardest hurdles to overcome.

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 agent will have to resell 11 Struan Street, Toorak, which sold privately in May this year for $3 million, but the purchaser was unable to complete settlement. The issue is the bar has now been set, and any price under $3 million will be a disappointment for the vendor.

RT Edgar agent Anthony Grimwade has indicated most interest is coming from developers, who are keeping their cards close to their chests. They do not see a huge amount of value in the house, it is the almost 800-square-metre block of prime Toorak land they have their eyes on.