Canberra online auctions: Turner apartment sells for $540,000 as Throsby home passes in at $1m

A two-bedroom apartment in Turner sold under the hammer on Saturday morning after a swift and fierce bidding war pushed the price to $540,000.

It’s the first time 6/54 MacLeay Street has been offered on the market and the unit is one of eight in the boutique development.

According to listing agent Aaron Lewis of Independent Inner North and City, 54 people tuned in to the auction via AuctionNow, which brought in two bidders.

The first bid of $450,000 kicked off the process before it was countered with a $10,000 increase.

The two bidders battled it out with $10,000 increments until the price reached $500,000.

It rose in $5000 bids to $525,000, then in smaller increases to $535,000.

After a brief moment, a $5000 increase was all it took for auctioneer Mark Larmer of Independent Inner North and City to declare the apartment was on the market.

After several minutes without any activity, the hammer fell at $540,000.

Elsewhere, Sean Rogers of Blackshaw Woden, Weston Creek and Molonglo passed in a four-bedroom home in Throsby at $1 million via AuctionNow.

Proceedings kicked off with a bid of $750,000, before a vendor bid of $1 million was placed. With no further offers, the home passed in.

According to Mr Rogers, half of the campaign of 48 Bandicoot Street was interrupted by the government’s restrictions on open homes and auctions.

“Before the ban took effect, we had 17 parties come through the property in the first two weeks, but the following two weeks after the restrictions, we only had three parties through. There was a big drop off,” he said.

“We still see good activity across the market but things are definitely a bit harder when it comes to auction. 

“You lose that interaction with the buyers face-to-face so it’s very hard to chat to bidders, you have to pick up the phone and talk to them. It’s hard to create a relationship when online.”

Now that online auctions are the norm after traditional auctions were banned last month, Mr Lewis offered a few tips to potential buyers.

“With online auctions, yes they are new to a lot of people but, like anything, we tell people to get familiar with it,” he said.

“Start following different auctions and auctioneers because they all have different styles.”

Mr Lewis also encouraged buyers to ask questions if they are unsure about the process of online auctions.

“A good agent will happily answer the questions for you,” he said, adding if they don’t have the the answer they’ll find it.

First-time online bidders should also expect a lag from the auctioneer, Mr Lewis said, adding that the new format is a “one-way communication where the buyer can see the auctioneer … but the auctioneer cannot see them and the bidders can’t see each other”.

“It’s not like a Zoom meeting where everyone can see each other, it’s the opposite,” he said.

“So buyers should expect a lag [of] five seconds or so if they are placing a bid.”

Mr Rogers said buyers should also be “realistic about their expected price range guide”.

“Buyers need to be more honest with themselves and their agents about what their price range is, so we can cater to that,” he said.

Mr Rogers added that online auctions are very similar to the traditional auctions, “except you have to use a computer to put your bids in”.

“I recommend bidders online to use a computer or an iPad to bid and have their phone handy so the agent can speak to them,” Mr Rogers said.

“Bidders should also register as early as they can in case they have issues getting their registration in.

“A lot more organisation takes place with online auctions. It’s not as simple as rocking up on the day and registering on the spot and seeing how you go. There’s a bit more involved.”