Supply and demand drives all markets: Propertytycoon.com.au tippping results
Supply and demand drives all markets, and this week's results shows what happens when a scarce piece of good real estate goes under the hammer.
The vendor of 3/20-28 Earl Street, Carlton North will be planning a little holiday after they looked on as their property exceeded their reserve by almost $100,000.
Five bidders knew that if they did not get their hands on this one-bedroom apartment in Melbourne’s inner north, they would be waiting a long time before they got another opportunity. A flurry of bids greeted the auctioneer after the property was announced on the market at $385,000, before it stopped at $467,000.
It was a completely different property but a similar story at 10 Koorinda Avenue, Kensington, with the vendor pocketing an extra two hundred grand above their pre-auction expectations.
In this case seven bidders viewed almost 600 square meters of land close to Sydney’s CBD as an opportunity too good to miss. The property sold for $1.63 million off the back of a $1.45 million reserve.
The property market is still relatively weak but these results illustrate that some property will always buck the trend.
If you are a home buyer or investor these are the properties you should aim to identify and add to your portfolio.
