New virtual format keeps auction market alive

In Canberra and New South Wales, offices used live streaming and telephone bidding on Thursday night and Friday morning to sell while Victorian offices ensured they were prepared for Saturday auctions.

“The week so far has been really positive in terms of results so even though our businesses are conducting auctions in a different way, the results are still coming through and properties are still selling under hammer,” Ray White Victoria and Tasmania chief auctioneer Matt Condon said.

Ray White Canberra sales agent Cameron Crombie led the way last night with the exceptional sale of 17 Maranboy St, Fisher for $880,000. It was the office’s first virtual auction since wrapping up on-site auctions on Wednesday night.

“The auction was excellent with the property ending up selling well above reserve with seven registered bidders on the phone and online,” Mr Crombie said.

“Six of those bidders were from the first week, there has been a lot of uneasiness around but we had some really excited bidders and without their willingness to go into the unknown and lead first then it might have been a very different result. The vendor also put their trust in us, we had a crew of people band together and it turned out really great.

“We’ve had good feedback, even from competing agents, getting in touch and saying that it’s good to see that there is a way forward.”

Ray White New South Wales CEO and auctioneer Jason Andrew led the state’s first virtual corporate auctions today since the new regulations. Usually hosted in-room at the New South Wales head office, the auctions have now transitioned to entirely online and over the phone.

Ray White New South Wales Chief Auctioneer Alex Pattaro said New South Wales offices have successfully adapted to the new auction requirements and that they are already seeing registered bidders flooding through their online platforms.

“Ray White has moved towards Real Time Auctions purely because it’s simple and easy for consumers to engage with, just with one click of a button they can enter an auction arena. The system is very user friendly, we had 33 people online at one point this morning which is an indication of how easy the system is to use,” Mr Pattaro said.

“Registered bidders are already coming through the platform and we are seeing continued engagement with real estate through this different platform. Our agents are also excited and you can still see bids, auctions and your competition in real time.”

In another of the state’s first virtual auctions, Ray White Annandale | Leichhardt sales agent Tina O’Connor sold 21 Susan St, Annandale (pictured above) to an eager buyer who was undaunted by the new restrictions.

“The property sold for $1.55 million, both the owners and buyer were delighted with the result. The owners are based in Singapore but couldn’t come home so they were relieved and pleasantly surprised to sell,” Ms O’Connor said.

“There were three registered bidders, all on the phone but we have always done phone bidder so we’re very used to the format.”