Weekend auction tipping result
Property commentator Mark Armstrong says that with up to 15% of auction results unreported, potential buyers are unable to get an accurate sense of the market.
"Our home is the biggest investment the vast majority of us will ever make yet our hands are tied when it comes to making informed decisions," Armstrong, of Property Tycoon, says. "Imagine if 30% of all share market transactions were undisclosed, there would be outrage."
He says the fact that many auction results are unknown is archaic and the system must be changed.
"The Australian property market lives in the dark ages where a huge amount of results remain hidden from the public and finding out what a property previously sold for is near impossible."
The weekend auction of 24 Alfred Street, Prahran, was subdued, with the auctioneer coaxing bids from three reluctant bidders.
"After being announced on the market at $845,000 the property was finally sold for $852,500. This price was around $17,000 below the average tip," Armstrong says.
Sale price: $852,500
Agent quote: $780,000 - $850,000
% above agent quote: 0.29%
Last sold: May 2005 for $531,000
Growth since last sale: 7.5%
Median growth: 6.58%
Average tip: $869,747
% Correct tips: 37.76%
Property Tycoon allows punters to guess auction results with no outlay.
The Mark at Sydney's Central Park
Much has been spoken about the global property market and that our market will ultimately follow a similar fate and I am always at pains to point out not all property is created equal.