Ray White Group today successfully launched its innovative new private auction platform as bidders flocked to the virtual world to bid and buy in the ‘new normal’ way.

The brand-new facility, that allowed bidders to still see each-other as well as the auctioneer, provided the competitive forum that was synonymous with previous on-site public auctions.

One of the most exciting auctions of the day was a commercial warehouse at 2 Frenchs Lane, Summer Hill, NSW which sold for $1.655 million. 

Ray White Commercial Sydney City Fringe Principal Kristian Morris and Sales Associate Lachlan Palm said the final price was “hundreds of thousands” over its reserve.

There were nine registered and five of them activer who pushed the price up from it’s starting position of $1,000,000. Some 64 bids later, the property sold to an investor.

“This really was a terrific auction with five of the nine registered bidders competing to smash the reserve price for a vendor who was rightly delighted,” Mr Morris said.

“The key to this new way of auctioning working is communication, and lots of it. We took them to take the vendor through the process so they felt comfortable throughout.

“Good properties in good locations with good fundamentals will always perform well irrespective of what’s going on in the market at the time.

Source: Ray White Group.  1-7/84 Fitzgerald Street, Northbridge, WA which sold for a whopping $2.2 million.

One of the biggest auction sale today was a commercial opportunity in WA at  1-7/84 Fitzgerald Street, Northbridge, WA which sold for a whopping $2.2 million.

Ray White Commercial (WA) Director Stephen Harrison and Ray White City Residential (Perth) Principal Brent Compton had three registered and active bidders competing.

“The auction was originally booked for Saturday 4 April but we decided to bring it forward a week given the new restrictions that have been put in place,” Mr Harrison said.

“Then on Thursday we were forced to move the auction online and we worked tirelessly to ensure all of the interested parties were registered to bid - and we ended up with three competitors.

“We find the private auction process really easy. It’s as simple as the bidders clicking on the link and they have video and audio right there and were able to bid via the phone.”

“The buyers were father and son investors - with the son residing in Perth and the father living in Melbourne - they purchased as vacant possession,” Mr Compton said.