INDUSTRY NEWSNEWSNSW

Family home sells for $1.4 million with a Realtair timed auction

Live auction service Realtair has been used to sell a Warilla home on the NSW South Coast, with the local buyer making the purchase while working from home. 

The Tuscan-style family home at 21 Stephanie Avenue, Warilla sold for $1.405 million last week via a timed auction on Realtair, which has been dubbed the ‘eBay for houses’.

The two-day auction ran from Wednesday 30 March to Friday 1 April.

While Reatair has become a more common platform for hybrid auctions, this sale represented the first time Stone Real Estate Illawarra had used the timed auction function on the site.

“For this auction, we had strong interest from many groups in terms of trying to buy prior to the auction,” selling agent Neil Webster explained.

“The vendors were also keen to sell prior as they had already bought elsewhere, so a shorter time frame worked for them too.

“We then converted this to a timed auction – setting a specific date and time for offers to be made prior.

“This enabled everyone registered to submit offers and be notified once any other offers were made – and it allowed them time to review and submit further offers.”

During the Realtair auction, there were eight registered bidders, with six of them making offers.

Interest had been between $1.2 million to $1.3 million ahead of the auction, with both the successful bidder and under-bidder going $60,000 to $70,000 above their expected budgets.

Mr Webster added that the increased use of Realtair could see an increase in registrations for auctions as the number of people physically having to attend auctions to bid drops off.

“It will probably see a reduction in the number of people physically attending auctions as many who are required to travel or are working, can register and bid from the lounge room or office,” he said.

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