Because of the absolute need for people to buy and sell houses, the real estate industry had to adapt fast to the new Covid-19 restrictions.
We attended our first on-line auction – a simple process using the conferencing software ZOOM – and auctioneerJohn Bongiorno and his team at Marshall White conducted the auction for 4 Erindale Avenue, Ripponlea.
Like an on-site auction, you can see everyone attending, know who is bidding, and of course, all the legal auction requirements still apply.
So just a handful of days after the Australian Government banned all on-site auctions the first on-line auctions got underway on Saturday, March 28th 2020.
How did Ripponlea go? Well, it passed in, and the last bidder bought after post-auction negotiations.
By the way, although the auction level was incredibly low as the industry quickly adapts, the clearance rate was 90% (Souce REIV) on 363 auctions, about a third of the last year’s levels.