Richmond prestige fails to sells in Property Tycoon tipping's first week

The first round of the Property Tycoon auction tipping has come and gone with very different results for the two Victorian era homes featured on Property Observer last week.

Clayton Smith from Jellis Craig failed to gain any real momentum at the auction of 10 Erin Street, Richmond (pictured below).

Only one bidder put up their hand before the property was passed in on a vendor bid of $2.4 million.

The bar was raised by a further $100,000 after the auction but the $2.5 million offer still fell well short of the vendor’s $2.75 million reserve.

In Sydney, Ben Collier from McGrath had an easier job on his hands when 44 Gordon Street, Paddington went under the hammer.

After paying just under $2.4 million for the property eight years ago the vendor was a seller if the bidding exceeded $3 million.

When the bidding topped that by over 100,000 it was certain a sold sticker was going to appear on the board.

The property sold for $3.125 million.

The website, www.propertytycoon.com.au allows punters to guess what they think properties will sell for at 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 Property Tycoon competition will win $1,000.