Auction tipping competition gets cracking start, with all five Melbourne properties sold
It was a cracking start to Property Tycoon this week, with all five properties selling in Melbourne. Some 13 tycoons, including the Property Observer's very own Title Tattle, snared five from five, but the Tycoon of the week and movie tickets go to Dids, with an accuracy of 97.78%.
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.
At 124 Queens Parade, Fitzroy North (pictured above), the scene was set for a competitive auction after the vendor rejected a pre-auction offer of $1.075 million and agent Rick Daniel was forced to lift the price quote. It proved to be the right move when three bidders contested the auction and the property sold under the hammer for $1,152,000.
The market was not so strong in Sydney with only two out of five properties selling, two passed in and one sold prior. The best-preforming tycoon was Shannon, who secured $2.145 million worth of property.
The auction at 152 Hereford Street, Forest Lodge (pictured above), failed to find a spark, and only one buyer declared an intention to buy the property. Although no sale was achieved on Saturday, agent Mark Tooth from Belle property is confident the property will be sold in the $1.2 million to $1.3 million range early this week.
The stand out result was for the sale of 3/74 Upper Pitt Street, Kirribilli, where four bidders registered pushed the price of the one-bedroom apartment to $686,000. According to RP Data this is the highest price sale of a one-bedder for more than 12 months.
