PRESS RELEASE FOR IMMEDIATE RELEASE
ONLINE PROPERTY AUCTIONS ARE PRODUCING INCREDIBLE RESULTS
IN A TIME OF SOCIAL DISTANCING - ONLINE AUCTIONS GAIN POPULARITY
“On Tuesday, we ran an online property auction which achieved a result well beyond reserve for an apartment in Fairlight”, says David Scholes, Founder of online property auction platform SoldOnline.
“It’s the type of result I think we’ll be seeing a lot of as the Corona Virus takes hold”. Having called nearly 40,000 property auctions including 800 online auctions, David is one of the most experienced auctioneers in Australia. He understands that the future of property auctions will be increasingly moving online.
Online property auctions are gaining momentum, offering bidders the ability to bid over a longer period of time from remote locations. With travel restrictions now in place, the option to bid online widens an otherwise shrinking potential audience.
Intrigued by the online property auction model, Andrew Reynhout of Rightside Property welcomed the opportunity to add a point of difference to his agency. “Right from the get-go we had people telling us that you can’t sell property through online auctions. I guess that the real estate industry is one which is fairly change-resistant”.
He recounts the way perceptions have changed positively to online property auctions and the expectations of buyers that transactions should be done end-to-end online.
“Our auction in Fairlight speaks volumes”, according to Andrew. “At our opens over the weekend, we had a number of buyers through the door who asked if the auction would still go ahead with social distancing in play. It was fantastic to be able to tell them that our auction was online and completely safe of CoronaVirus!”.
The auction itself attracted several registered bidders, 6 of whom bid energetically throughout the auction, achieving reserve within the first 24 hours. Tuesday’s sale of a 1 bedroom apartment in Sydney’s northern beaches suburb Fairlight engaged bidders over a 2 day period with a starting bid of $780k and final sale of $853k, $13k above reserve. It is one of 800 properties SoldOnline has successfully listed on their online property auction platform to date.
View the bidding history at: https://soldonline.com.au/properties/636-214-fairlight-crescent-fairlight-new-south-wales.html
Video link. David Scholes speaks of the role of online auctions in the era of CoVid19