‘There's a place for both’: Agents press ahead with online auctions, despite ban on on-site sales lifting

Homes scheduled to go under the virtual hammer in Canberra today pressed ahead, despite ACT Chief Minister Andrew Barr lifting the restrictions on on-site auctions and open home inspections on Friday afternoon.

David Stokes of Blackshaw Manuka sold a three-bedroom home in Curtin, via AuctionNow, after a fast-paced bidding war pushed the price to $906,000.

The property at 97 Morgan Crescent brought in 13 registered bidders and a virtual crowd of 50 people.

An opening bid of $650,000 kicked off the sale, which was quickly countered by a $700,000 offer.

The price rose in increments of $10,000 down to $5000 until it reached $855,000, with six parties actively participating in the bidding war. From here, the bids shortened to mostly $1000 and $500 offers.

When the price reached $906,000, auctioneer Robert Westropp-Evans dropped the virtual hammer after 36 bids.

Mr Stokes said he considered moving the auction on-site, after Mr Barr’s address on Friday, but decided against it.

“After weeks of working on the campaign with the vendors and preparing buyers for an online sale, we thought it would be best to continue with it,” Mr Stokes said.

“The past few weeks have seen buyers adapt to online auctions and the sale of this Curtin home demonstrates that there is still a competitive aspect using online methods.

“In saying that, we’re looking forward to getting back on-site and showing off some quality property during open home inspections and auctions.”

In the next few weeks, Mr Stokes expects both platforms to be used, giving buyers the opportunity to choose what auction method they prefer to bid on.

“There’s a place for both online and on-site auctions to be used in tandem,” he said.

“Some people enjoy viewing and bidding on an auction from the comfort of their homes, particularly those who live interstate or overseas, while others are more interested in attending auctions on-site.

“These two systems can work together and create a better experience for the buyers so they can participate on terms they are comfortable with.”

George Southwell of Ray White Rural Canberra and Yass echoed Mr Stokes’ comments, noting that the enforced 10-person limit at open homes and on-site auctions would see the two platforms used simultaneously.

“If there are more than 10 bidders at an on-site auction, we will spread them out across the road, at the front of the home and around the corner with one of our staff members who will bid from the phone,” Mr Southwell said.

“Alternatively, bidders will be able to bid online because we will continue to live-stream the auctions.”

Despite a number of auctions going ahead online, Mr Southwell opted to postpone a Casey auction by a week to take advantage of the new changes.

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According to Mr Southwell, the state government’s announcement on Friday afternoon gave real estate agents less than 24 hours to prepare for a traditional auction.

“While I welcome the new changes, the fact that the bans were lifted overnight didn’t give enough time for agents to prepare for on-site auctions,” Mr Southwell said.

“If [Canberra real estate agents] knew that the possibility of holding on-site auctions would happen earlier this week, I believe a number of properties would be held on-site rather than online.

“However, this is a great step forward. It’s fantastic that the national cabinet, along with Minister Barr, has recognised the importance of real estate and a fully transparent market within the local environment.”