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With the pandemic pushing the real estate industry online, many vendors now get the chance to cast a wider net.
Interstate buyers remain a largely untapped market for many vendors, as traditional auctions involve personal appearances or costly representation by a buyer’s agent — not to mention a highly stressful environment.
But following lockdowns due to the pandemic, which have restricted onsite auctions of late, agents have adapted, with many bringing auctions online.
As various states and regions continue to move in and out of lockdown, online auction platforms are providing a safe, stable and reliable place to do transactions, according to Grays Australia, the online retail and auction company.
The platform has noted that demand remains very strong for quality property right across Australia.
“Buyers continue to seek out properties for occupation or investment, and [an online] marketplace helps make this easy for local buyers or those across state borders, even when snap lockdowns occur,” Grays said.
Through online auction platforms, buyers from any state and territory can inspect and bid from the comfort of their homes, offices or even the beach and café.
For instance, one property in Alexandra Hills Queensland sold on “a rainy Wednesday evening in the middle of lockdown at the end of June”, according to Grays, which would have been impossible had it been a traditional auction set-up.
According to selling agent Dean Pieroz, key to the success of this auction was the continual momentum of an uninterrupted five-week campaign, which ultimately resulted in 14 registrations, nine bidders, 50 bids and a final price that was $48,000 over reserve.
At the same time as providing a safe space for buyers, online auction platforms have been touted for their ability to widen the active buyer database.
While the property mentioned above was ultimately bought by a Brisbane buyer, competitions included a recently relocated Victorian buyer and a buyer’s agent from New South Wales representing an investor from the Gold Coast.
In-person auctions have traditionally made it “difficult for interested buyers from interstate, who remain an untapped market for many vendors”, according to the online auction platform.
Ultimately, online auction platforms make buying and selling easy, efficient, fair and transparent, thus “revolutionising how assets are being sourced, sold and purchased throughout the world”, Grays concluded.
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