bidRhino.com South Melbourne auction bid stampede

A bevy of bids sees the top offer now at $575,000 in the online auction which could result in the purchase of an off the plan apartment in South Melbourne.

Around 600 plus potential buyers had looked before the online auction began last week on the bidRhino.com online website. There was an opening bid of $540,000.

There were five bids yesterday between two competing parties.

The off the plan auction offering at 603/79 Market Street, South Melbourne is a 61 square metre apartment in the ITUM-developed project. 

The initial bid was sought at $530,000 plus with price indications given as $575,000 plus.

The live auction portal aims to revolutionise the property market as residential properties can be listed and potential buyers or tenants can securely bid with just a digital click. 

The opportunity exists to secure an off the plan property in The Walker apartment complex positioned in the heart of South Melbourne, which is due for early 2016 completion.

This apartment comprises two bedrooms, one bathroom, and an open terrace, in the 67 apartment building that has an architecturally adapted heritage façade.

All registered and approved bidders can bid on the property until the auction is finished in two days. 

When the auction has ended and the reserve price has been met, the highest bidder becomes the successful purchaser.