With the health orders continuing throughout July and traditional methods of purchasing a property at auction still prevented, we have seen technology take the lead once again. Many agents have taken advantage of online auctions and the results have been promising.
The reported clearance rate for properties that were auctioned last weekend in NSW was a strong 88%, which is an encouraging sign.
The strength of the market has continued throughout lockdown, and buyers are open to the idea of online auctions. We have received positive feedback from registered bidders and purchasers from our own online auctions over the last month
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. We achieved some great results from our online auctions over the past month.
49 Woodlawn Avenue, Mangerton was a standout sale, with 14 registered online bidders and 28 bids on the home. After hot competition the property was sold for $1,505,000, 16% above the set reserve price.
Belle Property Illawarra auctioneer Damien Cooley said that the use of online auctions had been a “resounding success for the industry.”
“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.