Mark Armstrong is a director of iProperty Plan, which provides independent analysis and tailored advice to investors and home buyers.

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Mark Armstrong

11 November 2012

Toorak auction tipping competition property sold before auction, and a flurry of bidding in Kirribilli

Toorak auction tipping competition property sold before auction, and a flurry of bidding in Kirribilli

The sale of 11 Struan Street, Toorak, has been a long, drawn-out affair for its owner. Earlier in the year the property was sold for $3 million, but the purchaser was unable to settle on the property. So when an offer just above $3 million was put on the table late Friday afternoon the vendors jumped at it and the auction was cancelled.

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.

The exact sale price for the Toorak property (pictured above) has been undisclosed, but RT Edgar agent Anthony Grimwade says it was somewhere between $3 million and $3.1 million.

One property that did go through to auction this weekend was 5/108 Moor Street, Fitzroy.

The warehouse apartment had a mixed-use zoning, which made it enticing to both home buyers and those who were looking for a funky warehouse office.

While three bidders entered the fray throughout the auction it was only two who did most of the heavy lifting.

After the half-time break the property was declared on the market at $651,000 and was sold after a flurry of bidding for $684,000.

You can watch the auction highlights on our Facebook page.

There were so many bidders putting up their hands at 4/75 Kirribilli Avenue, Kirribilli (pictured below), that most people lost count, but let's just say it was more than 10. The extremely scarce piece of real estate had been very well inspected, and more than 1,700 people had viewed the property on realestate.com.au.

The lack of car parking was not a concern for the crowd as the bidding flew past the $500,000 reserve before settling at $529,000.

It maybe a few years before we see another one like this come onto the market.

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