St Kilda West auction tipping property sells at $80,000 above reserve, but top-end Sydney market patchy
Very happy vendors walked away from 2/16-20 York Street, St Kilda West, armed with the knowledge they had an extra $80,000 coming their way. A large crowd and three bidders turned up at the auction, and unusually the auctioneer had no need for a half-time break to seek his vendors’ instructions.
For those who want to have a harmless punt, there's now a tipping website, www.propertytycoon.com.au, where punters can guess auction five results in Melbourne and Sydney, with no outlay. It's mostly about testing your market knowledge with a small cash prize as a sweetener.
Agent Daen Ziegler from Chisolm Gamon was quoting a price range of $600,000 to $650,000 for the St Kilda West property (pictured below), and true to his word the reserve was in this range. The property was declared on the market at $640,000, but the auction was only just getting started. The announcement triggered a wave of bids until finally the hammer came down at $720,000.
According to agent Ettiene West from Morton & Morton Real Estate there were a number of parties interested in 901/1 Pottinger Street, Millers Point (pictured below), but none were prepared to step forward when the time came. The property failed to attract any bids and was passed in on a vendor bid of $3.4 million.
The top end of the Sydney property market is very patchy, with buyers feeling no pressure to buy under auction conditions. It is clearly a buyers’ market and although the Millers Point property will eventually sell, it will be on the purchaser’s terms.
