How going digital has changed auctions

Ray White Frankston Principal and auction pro Ashley Weston explains how online auctions have changed the way things are done in Melbourne.

What is the difference between an onsite and online auction?

Emotion is a big aspect of auctions and with online auctions I genuinely feel like you still have that. The big difference I have noticed from onsite auctions to online is that we are getting more registered bidders.

It’s a convenience factor which is the great thing about online. Those people who are 50/50 or think the auction may go beyond their budget are now showing up whereas with onsite auctions they often didn’t think it would be worth their while.

We have seen the average registered bidder rate increase with online auction in comparison to onsite. Under online auction conditions we recorded an average of four active bidders in July which is well up on onsite numbers from this time last year.

What are the benefits of online auctions?

Online auctions are here to stay for the next 12 to 18 months. This won’t blow over in the next six months and we are probably looking at going in and out of lockdown several times. Meaning those avoiding selling until after lockdown will find themselves behind the eight ball.

The best thing about online auctions is that it gives sellers a solution no matter what happens with lockdown. There is no fear of having to cancel the auction and it gives sellers confidence that no matter what is thrown at them there is nothing stopping them from getting a great result.

Ray White online auction clearance rates have been phenomenal and it just proves that no matter what happens real estate has already adapted.

(Image: Ray White Victoria Chief Auctioneer Matthew Condon calling an online auction during Stage Three restrictions.)