A new addition to the Sydney property market - online property auctions

Australia’s celebrated harbour city is the source of much discussion amongst property market analysts. Although there are a few notable trends, these analysts are at odds to agree on the way the Sydney market will perform in 2020. One thing they can agree on though, is that new technologies and a fresh approach to the market will be welcome.

David Scholes, founder of SoldOnline created his platform after decades of experience as a preeminent auctioneer. Designed as an addition to the real estate agent’s arsenal, the platform introduces online real estate auctions to the market. Across commercial, rural, industrial and residential online property auctions, the platform is a simple to use, effective and transparent way to sell real estate.

online property auctions sydney Click here to view our online auctions in NSW!

A point of difference - online property auctions Sydney

An increasing number of Sydney based real estate agents are adding online property auctions to their suite of offerings in a very competitive market. This gives them an incredible point of difference and the ability to widen the market reach for their vendors.

In a crowded space, finding that edge above other real estate agents is critical. Adding another feather in your cap with the inclusion of online real estate auctions shows to your vendors that you are keeping ahead of the game.

You are providing them with a safe, secure, transparent and effective way to auction properties.

Seeing Success in Sydney

So far, SoldOnline has completed many successful online auctions in the residential, commercial and industrial sectors with over 950+ listed online property auctions. Vendors are enjoying the increased reach that online property auctions represent. In many cases, SoldOnline properties in the Sydney market have sold well above reserve and have attracted engaged bidders from all across the globe.

“In a recent SoldOnline Sydney online auction, we were able to achieve well over reserve for our client”, says David Scholes. The property was listed over a three day auction for a 1 bedroom Fairlight apartment. Andrew Reynhout of Rightside Property, Manly was initially cautious about introducing online real estate auctions to his business, but is now beaming over the results. “This was the first of what we know will now be many online real estate auctions for us”, he says. “The whole process was managed incredibly well by the SoldOnline team and we were able to cast the net wide to attract a great range of bidders”.

Transparent - well managed and perfect for the Sydney market

The benefits of online real estate property auctions are unprecedented. In a market such as Sydney, where there can be upwards of 800 auctions each weekend, online property auctions can cut through the clutter.

Perhaps the most significant benefit is that bidders can be anywhere in the world. This removes the challenge in getting bidders to onsite auctions or auction rooms. In a market like Sydney’s this is a huge advantage!

Add to this, the fact that most onsite auctions take less than 10 minutes and you can see how real estate agents are warming to the idea of embracing online auctions which are conducted over a few days. This extra time ensures that bidders are able to bid in their own time zone and spend time finalising due diligence, deferring to advisors or confirming additional financing should the need arise.

The auction process is overseen by one of professional auctioneers, such as David. These auctioneers meter the process, can apply different incremental bidding amounts and assist in the negotiation with prospective buyers. In fact, everything that they do during onsite real estate auctions!

A well measured approach to the Sydney property market

From end to end, the SoldOnline approach is based on ensuring that vendors, agents and bidders are comfortable with and relaxed about the process. Bidders are vetted and registered online and the bidding is transparent and well metered by our SoldOnline auctioneers.

In a fast paced market such as Sydney’s, the option to take your property auction online is a savvy option to continue an already increasing online process for property buyers.