Mark Armstrong is a director of ratemyagent.com.au, Australia's number one real estate agent rating website.

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Mark Armstrong

19 November 2012

Something holding back buyers at Melbourne and Sydney auction tipping properties

Something holding back buyers at Melbourne and Sydney auction tipping properties

The Melbourne and Sydney properties featured on Property Observer in this week's auction tipping competition failed to perform at auction. 

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.

Although a lot of buyers fell in love with "Waterfall Art Deco" at 1 Laurencia Court, Mont Albert (pictured below), there was something holding the buyers back and the auction failed to gain any traction. 

Auctioneer Steven Abbot from Jellis Craig was forced to open the auction with two vendor bids before he went inside for the half-time break. When he came back out to restart the auction holding a vendor bid of $1.3 million,  he was offered the one and only live bid $60,000 below that figure. The property was passed in and now has a reserve in excess in $1.4 million. 

You can view the auction highlights on our Facebook page.

In Sydney the view is great but unfortunately the $2.5 million price tag was too much for buyers at 15 Shackel Street, Clovelly (pictured below), and when no one registered an intention to bid the property was withdrawn. 

When you bid at an auction it means you must be in a position to sign an unconditional contract. Although there were a couple of interested parties that turned up on the day none was in a position to sign an unconditional contract.

Daniel Gillespie from Belle Property is confident the property will sell in the coming days.

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