A three-bedroom Warrnambool home sold above expectations during the city's first live online auction on Saturday.
Subscribe now for unlimited access.
$0/
(min cost $0)
or signup to continue reading
Ray White Real Estate agent Jason Thwaites said 12 Huntingfield Drive sold for $440,000 to a buyer who planned to make it their home.
Mr Thwaites said the introduction of coronavirus pandemic stage three lo restrictions almost two weeks ago meant the planned onsite auction had to be switched to online.
The auction involved nine registered bidders on a Google Hangout using three different ways to make a bid - either by waving their hand at the screen, verbally putting in their bid or typing their bid in a chat box.
Mr Thwaites said five of the nine registered bidders - made up of both home-buyers and investors - actively pursued the property.
Bidding started at $350,000 before selling above the expected range at $440,000.
Mr Thwaites said the Huntingfield Drive property was the only one in the entire city in the low-$400,000s price range.
"There is a large shortage of residential real estate for the market to choose from at this point in time," he said.
Mr Thwaites said he had been in the real estate industry for about two decades and online auctions have agents and buyers more flexibility.
"You wouldn't have though 20 years ago when technology was just starting we'd be where we are now," he said.
"It opens up opportunities to do things a bit differently."
Mr Thwaites said even when there was a return to onsite auctions after restrictions were lifted, it meant people may be able to bid online while watching a live auction unfold instead of doing it over the phone.
He said while online auctions were the norm for stage three lockdown, he didn't think they would replace traditional auctions when restrictions were lifted.
"We as a company, and locally, are trying to embrace change to ensure we can deliver the properties to the market place and still achieve great results for our vendors," he said.
The auction was one of four online auctions Ray White has planned over the next few weeks.
Our COVID-19 news articles relating to public health and safety are free for anyone to access. However, we depend on subscription revenue to support our journalism. If you are able, please subscribe here. If you are already a subscriber, thank you for your support.
