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

10 December 2012

Quick Prahran auction and lacklustre bidding in Woollahra round out 2012 auction tipping competition

Quick Prahran auction and lacklustre bidding in Woollahra round out 2012 auction tipping competition

Congratulations to Rainbow in Melbourne and Davidk9 in Sydney, who have taken out the title of Property Tycoon for spring 2012. A $1,000 Christmas bonus is on its way!

There’s a website,, where punters can guess what they think properties will sell for at their weekend auctions in Melbourne and Sydney. This season Property Observer readers had their own competition. The winner of the overall competition won $1,000.

Carlyonc and RFM were the best-performing Tycoons in the final round and win the movie tickets.

A huge crowd crammed into the backyard of 14 Jessamine Avenue, Prahran (pictured below), on Saturday to watch a very quick auction. While there is no doubt there were more people who had an interest in the property, it was left to only two bidders to fight it out.

The auction consisted of a flurry of $50,000 bids before a $2.4 million bid was referred to the vendor and the property was declared on the market.  After this announcement another burst of bidding took the price to $2.7 million before the property was knocked down.

You can watch the auction highlights on our Facebook page.

It was a different story in Sydney where 1/64 Ocean Street, Woollahra (pictured below), failed to gain any real traction. Although there were interested parties in the crowd there was no sense of urgency as bidding was lacklustre. The property finally passed in to a legitimate bidder for $1,475,000.

Since the conclusion of the auction agent Peter Starr has had interest slightly above $1.5 million, and the property is expected to sell in the coming days.

Thanks to everyone who played Property Tycoon this season. We will be back bigger and better in February 2013. Merry Christmas to all.

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