Success for Lilyfield online auction vendor

An Australian online platform where buyers can bid on residential properties has sold its first house.

It was a three bedroom Lilyfield listing with $1.3 million plus hopes offered via Exchangehouse.com.au.

The three bedroom terrace in Lilyfield secured 22 bids over a three day period from three bidders.

The winning bidder secured the property for $1,618,000 - well above the reserve price. It last sold in 2005 at $790,000.

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Source: Exhangehouse.com.au

Given five registrations, the auction timetable was brought forward. The last bid was placed at 12.30am on Thursday morning and with 24 hours given the hammer came down at 12.30am on Friday as the reserve was exceeded.

Jonathan Elepano, a director at exchangehouse.com.au, was the vendor of 77a Ryan Street.

“We have been working on the technology behind the website for many years," Elepano said.

"I was pleased to use my property on our platform to see the results in real time with live bidders.  

"22 bids over a three day period was a phenomenal result and exceeded everyone’s expectations."

BresicWhitney pioneered the online auction in the onsite inner Sydney residential heartland.

Exchangehouse, an online platform for owners to list their properties via their agent, has been developed over the last three years by Mark Jamieson, a property executive with over 15 years industry experience, and Jonathan Elepano, an IT expert with over 20 years experience in the technology sector.