BresicWhitney pioneering online auctions in inner Sydney onsite heartland
Later this month BresicWhitney will be pioneering online auctions for an inner Sydney residential offering.
It is a three bedroom Lilyfield listing with $1.3 million plus hopes is being offered via EXCHANGEHOUSE.COM.AU.
It is in Lilyfield's premier tree-lined cul-de-sac. It last sold in 2005 at $790,000.
There are currently five registered bidders watching the offering, on the Monday before its scheduled weekend wrap-up. The Opening Bid Call (OBC) is the price the auction will start bidding at within a reasonable range of the reserve. All bids are binding and any bid can be accepted. Under auction rules contracts are exchanged unconditionally with no cooling off period.
The online auction continues as long as bids are being made. It ends when a bid sits for a full 24 hours.
The bidding is scheduled to start at 11.15am, February 21 with bidders able to register to bid anytime before this date.
"I was approached by this client asking if I would be interested in representing them through this medium," BresicWhitney Balmain agent Adian Oddi told Property Observer.
"I was keen to do it, the online auction concept has obviously been incredibly successful for some time now.
"I was curious how this would translate to the real estate space.
"So far so good, it's only early days however were expecting our first bid in the next couple of days.
"If wait to the last second to bid, the deadline will be extended by another 24 hours."
To data most online auctions have been rural, rather than in the heart of onsite auction territory.
Buyers have up to 24hrs to increase on each bid.
It is marketed to potential online vendors as saving on auctioneers fee, costing only $395 to list. There is currently a free offer.
"Why spend thousands of dollars and weeks of time on a marketing campaign to then rush a 5min auction to a limited audience?" Exchangehouse suggests.
Exchangehouse, 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.
Jonathan Elepano is the vendor of the Lilyfield offering.
The following conditions are applicable to the sale by auction of residential property or rural land by Exchangehouse:
- The Principal’s (Seller) reserve price has been provided, in writing, to Exchangehouse (the Auctioneer) for all properties listed and before bidding commences,
- The highest bidder is the Purchaser, subject to any reserve price,
- In the event of a disputed bid, Exchangehouse is the sole arbitrator and its decision is final,
- Exchangehouse may refuse to accept any bid that, in its opinion, is not in the best interests of the Seller,
- A bidder is taken to be the Purchaser unless, before bidding, the bidder provides Exchangehouse (via upload) with a full copy of a written authority to bid for or on behalf of another person,
- A bid cannot be made or accepted after the auction closes,
- As soon as practicable after the auction closes, Exchangehouse will sign the contract for sale. The Purchaser gives their express and unconditional consent to Exchangehouse to sign the contract on their behalf and exchange,
- In this event, the Purchaser will take immediate action to pay the required deposit (to the deposit holder as per the contract) no later than 48 hours after the close of the auction,
- All bidders must be registered in the Exchangehouse Bidders Record for the specific property, before being able to place a bid,
- Exchangehouse DOES NOT facilitate vendor bids, except where;
- A Vendor may bid more than once to purchase the interest of a co-owner, or
- A bid by or on behalf of an executor or administrator to purchase in that capacity - Exchangehouse advises that bids to purchase the interests of another co-owner or to purchase as executor or administrator, may be made by or on behalf of the Seller,
- In this event, Exchangehouse will clearly indicate and label any bid/s that are made by a co-owner, executor or administrator or any person registered to bid on behalf of any co-owner, executor or administrator.