With the new rules preventing the traditional methods of purchasing a property at auction, we saw technology take the lead as many agents held online auctions across the weekend.
Whilst the majority of properties scheduled to go to auction changed to private treaty prior to the weekend or had sold prior to auction, the online auction results were promising.
The reported clearance rate for auctions in NSW was 58%, which is an encouraging sign given the time frame in
which the property industry had to prepare for the banning of traditional auctions. The Belle Property NSW clearance rate was 93% for properties auctioned over the weekend, testament to the processes and technology that we have already been utilising as a network.
Belle Property Illawarra auctioneer Damien Cooley said that the day had been a “resounding success for the industry.”
“To adapt to these conditions in such a short time has been an incredible effort. Our technology has given agents and auctioneers around the country the ability to help buyers and sellers transact.”
“We will continue to improve our technology, live stream picture quality and continue to ensure consumers can watch, register, bid, buy and exchange on live auctions on any device” he said.
At Belle Property Illawarra, we have been utilising online auction technology and live
streaming our auctions for some time now, so are well equipped to assist you through this process.
Contact us on 4228 0888 if you'd like more information or advice on this.