Stark contrast between Brisbane and other capitals in round one of auction tipping

There's now a website, www.propertytycoon.com.au, where punters can guess auction results in Melbourne, Sydney and Brisbane, with no outlay. It's mostly about testing your market knowledge with a small cash prize as a sweetener.

This week there was a stark contrast in auction results in Property Tycoon’s auction tipping competition for Melburne and Sydney when compared with Brisbane.

All five properties sold under auction conditions in Melbourne, with 10/28 The Righi, South Yarra, the standout result.

“The property was purchased about 18 months ago for $485,000 and sold after a competitive bidding for $549,000,” says Mark Armstrong of PropertyTycoon.

“That is an annual growth rate of almost 8% when the overall Melbourne property market had slipped backwards,” Armstrong points out.

The property at 20 Marquis Street, Ashburton (pictured above), sold for $1.46 million under the hammer.

In Sydney, all five sold. Multiple bidders put their hands up for 13 Melford Street, Hurlstone Park.

“It sold for $850,000, very close to the average Property Tycoon tip of almost $847,000. A quarter of all Tycoon tippers added this property to their portfolio,” Armstrong says.

But it was a different story in Brisbane.

“There are clear signs of a very weak market in Brisbane, with four out of five of this week’s properties failing to at auction,” Armstrong says. “Although buyers are out in the market, very few are prepared to put up their hands at auction. The clear view of Brisbane buyers is to sit back and wait to see what happens and try and negotiate a deal in the weeks following.”

He points to the property at 159a Mt Ommaney Drive, Jinadlee (pictured above) as a prime example, “with a number of buyers registering their interest for the impressive family home, but when push came to shove the property failed to attract a single bid”.