Ray White to host first live auction

The Ray White group will host its first live online auction in Sydney when an inner city apartment in The Rocks goes to April 8 auction.

The agency has been operating live online auctions since 2014 in Queensland, the only real estate network to currently offer this service to buyers and sellers.

Since allowing people to log on and participate in a live auction from anywhere in the world, auctions have seen participants as far as Europe, the Middle East, China and the United States.

Ray White joint-chairman Brian White said the tool has proven to be an "extremely effective way to sell property."

What's billed as Sydney's first true live online auction is a one bedroom apartment at 2102 Quay West Gloucester Street, with $700,000 plus hopes through Ray White Sydney CBD agent Michael Lowdon.

Sydney's first test run dates back nearly two decades ago.

The first online auction trial was held in 1998 when McGrath Estate Agents offered a Surry Hills terrace. 

There was one online bidder but the property sold for $455,000 to an auction attendee.

Brian White said over 17,000 viewers haved watched the auctions online.

The Rocks property will be auctioned in Ray White's in-room auction room on April 8.

This article was first published in the Sunday Telegraph.