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10 January 2022

In 1995, American entrepreneur Pierre Omidyar launched eBay, exposing society to the world of online auctions. Where suddenly anyone around the world could bid and buy on anything from $1 pencil cases to multi-million dollar boats.

Fast forward to today some 26 years later and this selling process remains widely unadopted by the real estate community. Why?

A read of the "Real estate" policy on eBay suggests:

"Unlike listings in most other eBay categories, real estate listings are not a binding offer to sell the property shown.
Instead, because the sale of a property is highly regulated, and often involves very high values, real estate listings are a way for sellers to advertise their properties and meet potential buyers. The sale then takes place outside of eBay."
(https://www.ebay.com.au/)

Online auction platforms have since been developed to facilitate the online sale of property, a move that the industry is slowly integrating into everyday real estate practice. These platforms have supported and continue to support the industry through an ongoing worldwide pandemic and have ultimately contributed to an auction evolution for the industry just as eBay did for the arena of the sales of goods and products at auction.

One such platform Auctions Live was able to offer the real estate community the flexibility to implement and comply with their local auction rules and regulations (an early concern of the eBay sales platform). Auctions Live Timed Auction Solution provides a safe and transparent sales process accessible to anyone with a PC or smart device connected to the internet.

The Auctions Live Timed Auction Solution provides the following key benefits:

• Real estate CRM integration
• Customisable auction rules, terms, and conditions
• Customisable interactive website display widget
• Customisable electronic bidder registration form
• Auctioneers online bids controller
• Anti-sniping technology

And they don't take a % of the property sale price!

The progression of the real estate sales process to embrace the PropTech future is here. As comfortably as a buyer sits phone in hand to bid on their latest eBay find, the property buyer of today facilitated by platforms such as Auctions Live sits phone in hand to bid on their next home!

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Anthony Nounnis
Author

1 May 2021

Auctions Live April 2021 auction stats are in, and they are incredibly healthy.

We assisted our client’s last month conduct 2,348 auctions!

This equated to $2,705,097,295 being sold under the hammer, representing a clearance rate of circa 79%.

Compared to March's statistics, the number of returned online bidders increased from 40% to 48%, demonstrating the importance of offering multiple bidding options.

Last month’s standout property was 54 Hambledon Road, The Ponds, marketed by Yosh Mendis from Cushman & Wakefield Sydney and auctioned by Jesse Davidson from Auction Works.

This premier Sydney landholding, comprising of 25,071m2 of cleared and level land, attracted both the highest sale price and bids recorded.

This intense auction commenced with an opening bid of $15,000,000.

Followed by 23 minutes of bidding, selling 159 bids later unconditionally for $26,035,000.

1 April 2021

Ogden Nash once wrote, "Indoors or out, no one relaxes in March", and no more valid words have been written.

March 2021 was recorded as one of the busiest months for Auctions Live; we assisted our clients in conducting 2,787 auctions throughout Australia and New Zealand (ANZ), along with 100's more throughout Europe, America and South Africa. The overall clearance rate throughout ANZ sat at a respectful 79.45%, equating to over $2.6 billion SOLD unconditionally.

• 341 Great South Road PAPAKURA,
• Shops 1-7, 25-27 South Steyne MANLY,
• 13-15 Wolseley Road POINT PIPER,
• 7 Tomes Road ST ALBANS and
• 38 Pelican Waters Boulevard CALOUNDRA.

• 341 Great South Road PAPAKURA, marketed by Emma John and Barbara Erceg from Barfoot & Thompson Parnell, sold under the hammer with 189 bids placed in the space of 21 minutes.
• Shops 1-7, 25-27 South Steyne MANLY, marketed by Aaron Arias, Toby Silk and Nicholas Heaton from CBRE Sydney. This trophy retail corner investment sold for a respectful $15,700,000 representing an estimated net yield of 4.66%.
• 13-15 Wolseley Road POINT PIPER, marketed by D'Leanne Lewis and Steven Zoellner from Laing+Simmons Double Bay. This majestically positioned harbourside compound sold under the hammer within 12 minutes.
• 7 Tomes Road ST ALBANS, marketed by Adam Heazlewood and Kurt Findlay from Bayleys Merivale. This superbly presented three-bedroom family home attracted over 20 bids within 4 minutes, selling for $1,250,000.
• 38 Pelican Waters Boulevard CALOUNDRA, marketed by Michael Gilbert, Glenn Conridge and Jamie Perlinger from Burgess Rawson. This stunning waterfront trophy pub investment sold for $10,800,000 representing an estimated net yield of 4.15%.

1 January 2021

The Auctions Live monthly stats are in for December 2020, and they do not disappoint!

The total value of real estate sold is over $1.7 BILLION representing a clearance rate of 61.3%.

Data indicates that 13% of properties auctioned had one or more active online bidders, with an average of 18 bids being placed per property.

• 1 Parramatta Road Clyde. Marketed by Simon Staddon and Darren Beehag from Burgess Rawson Sydney. This exceptional commercial property sold under the hammer for $6,675,000, representing an estimated net yield of 2.91%, attracting 197 bids over the space of 33 minutes.
• 21 Howard Hunter Avenue St Johns. Marketed by Neno Radinovich from Barfoot & Thompson St Heliers. This stunning six-bedroom residence attracted over 124 bids over 9 minutes, selling under the hammer for $1,602,000.
• 155 Wairau Road Wairau Valley; Marketed by Matt Prentice and Shoneet Chand from Colliers Auckland North. This rare industrial property sold for $11,500,000, representing an estimated net yield of 4.07%.
• 46 Hopetoun Avenue Mosman; Marketed by Geoff Smith and Richard Harding from Ray White Lower Northshore. This incredible landholding sold unconditionally for $8,100,000 in less than 7 minutes.

1 December 2020

Auctions Live had a massive month with the combined value of properties SOLD over 2 BILLION Dollars, representing an overall clearance rate of 67%.

We saw an average of 18 bids per auction, with online bids making up 45% of the total bids for the month.

Recorded data shows a 7.6% increase in bids from the time properties were "Paused for Negotiation" to "Sold".

In conjunction, we observed a 4% increase in bids from the time properties were announced as "On the Market" to "Sold".

This month's two standout properties were 628 Pakaraka Road, Matamata Waikato and 7-25 Nobbs Street, Surry Hills.

628 Pakaraka Road attracted 202 bids over 12 minutes, selling under the hammer for $7,805,000, while 7-25 Nobbs Street sold for $20,400,000 with over 40 bids placed in under 7 minutes from astute in-room and online bidders.

23 December 2019

This year Auctions Live exceeded its KPI expectations, and the best part is we had so much fun in doing so.

Some of the highlights of 2019 included The REINSW Senior Auctioneers Competition, Heide Museum Boyd Collection Charity Auction, the release of Auctions Live in New Zealand and the Burgess Rawson 7-Eleven Portfolio Auction.

In 2019 Auctions Live assisted a number of real estate agencies to conduct 2,821 auctions, with over $2.4 billion being sold under the hammer, and approximately 32,000 individual bids recorded.

The highest selling property recorded for 2019 was $21,200,000, with the lowest being $35,000 for a dwelling in Brewarrina New South Wales.

With 2020 just around the corner, we are excitedly preparing for a huge role out in February that includes new software enhancements, the launch of our first in-room auction space along with the release of Auctions Live in two new countries.

23 December 2019

On Wednesday 30th October 2019 Burgess Rawson held one of their biggest days of auctions for 2019 which included a portfolio of fifteen (15) 7-Eleven Service Stations, with nine (9) of the fifteen (15) properties auctioned by Jesse Davidson in Sydney and the remaining properties auctioned by David Scholes in Melbourne.

Bidding was fierce across the country with the auctions being simultaneously broadcast to buyers from auctionWORKS HQ in Sydney, The Crown Casino in Melbourne as well as other Burgess Rawson offices throughout Australia.

Anthony Nounnis, General Manager from Auctions Live said “the way Burgess Rawson envisaged the simulcast was outside the norm and had never been done before. It was a challenge to make it work seamlessly and to have live video footage, property presentations, bids, yields and order of sale screens sync between all the sites.

We have been working with Burgess Rawson for nearly 12 months and the way their management and marketing team thinks is ingenious. I believe Burgess Rawson has set the new benchmark when it comes to portfolio auctions.”

The 7-Eleven Portfolio Auction generated just shy of $78 million with all properties sold under a sale-and-leaseback arrangement to the convenience retailer, with new 12-year lease agreements in place.

Burgess Rawson was expecting strong bidding from astute investors and that is what they got with over 640 bids recorded across the fifteen (15) properties, with an average auction time of 8.5 minutes per property 20 Mort Street, Braddon ACT 2612 taking 18 minutes and 60 bids before Auctioneer Jesse Davidson dropped the hammer at $7.1 million, representing a 4.11% yield.

The highest selling property was 1603 Sydney Road, Campbellfield VIC 3061, selling for $8.52 million with 69 bids being placed in the space of 10 minutes, representing a 4.54% yield 1593 Western Highway, Rockbank VIC 3335 attracted a whopping 70 bids in the space of 9 minutes selling under the hammer for $6.8 million with a 4.72% return.

With the total 7-Eleven Portfolio Auction time recorded at 128 minutes Auctions Live has reported that an average of one bid was placed every 12 seconds.

7 July 2020

G&P Lazarou Estate Agents enhances the experience for vendors and buyers of real estate with Online Auctions throughout Cyprus and Greece.

In a five (5) year exclusive agreement with Auctions Live, G&P Lazarou Estate Agents launched their first Online Auctions on July 7, 2020. All auctions were streamed live directly on their website – providing transparency and healthy competition in the sector.

Auctions Live General Manager, Anthony Nounnis, commented “Our research has shown that prospective buyers and vendors invariably choose the services of local estate agents; people who know the local area and understand the local property market. And that’s what G&P Lazarou Estate Agents can offer out-of-area vendors and buyers, under this exciting new exclusive agreement.”

G&P Lazarou Estate Agents recognises the importance of adopting new technologies and new ways of working.

Traditional property exchanges are one-on-one, which is time-consuming and often limits buyers to regions.

Online Auctions are the perfect channel to enable vendors and buyers to sell their properties online and purchase properties in a transparent environment.

“Currently, the real estate market is very much local; therefore, exposure is limited. Introducing Online Auctions will expose properties to a more significant number of interested local and international buyers. Real estate purchases can now be made from home, from the office, from the coffee shop or even from the beach. Mobile technology is making this possible. We have introduced state of the art technology to buyers, which is very intuitive and easy to use, wherever it is convenient to buy from, said G&P Lazarou’s Chief Executive Officer Petros Lazarou.

G&P Lazarou Estate Agents is excited about challenging the status quo and embracing a new way of working, communicating and selling.

RE Software, the developer of Auctions Live, is an industry expert in designing and developing management systems that help businesses manage data smarter.

Since the launch of Auctions Live, recording, storing and retrieving auction information and bidder data has never been more accessible.

Anthony Nounnis, Director of Re Software, said, “Auctions Live is one of the industry’s most innovative uses of technology for Agents and Auctioneers when conducting auctions.

“Auctions Live allows Agents to register bidders electronically, and while the auction is being conducted, Agents can electronically scribe all bids easily and quickly.

The system enables bidders to use their smartphones as personal electronic bidder paddles (ePaddles), displaying the current bid. In addition, the system also offers agencies the ability to live stream auctions to their website.

Auctions Live also offers the following features and benefits:

• Online bidder pre-registration process, before auction day
• Finalise auction results onsite or back at the office
• Staff can work simultaneously on a centralised data management system
• Environmentally friendly, helping to reduce an agencies carbon footprint
• Eliminate wasted staff time need in collating results and managing archived auction paperwork
• Advanced online bidding interface

Auctions Live also significantly reduces the amount of money spent on stationery, printing and archiving solutions – with all property and auction data stored and saved electronically.