Commercial Auctions Go Digital

The extended New South Wales lockdown means online property auctions – for now – are increasingly popular among commercial agents, and another portfolio event is set to test the method.

Ray White Commercial is taking eight Sydney and mid-North Coast properties under the virtual hammer next week, ahead of today’s Burgess Rawson property portfolio auction event in Melbourne – otherwise usually held at Crown Casino – while last week’s Sydney edition of the series was held entirely online and saw parties from Hong Kong, USA, South Africa and England join local interests in dialling in for $42 million of assets to change hands.

The robust commercial market and low interest rates, coupled with advanced auction technology has given agents and vendors enough confidence for a number of auctions to go under the hammer online, in NSW as well as during Victorian lockdowns.

“While there are physical challenges with inspecting properties, the strong appetite for quality commercial stock means that we are experiencing many sight unseen bidders,” Ray White Commercial head of agency operations Andrew Freeman said.

“The unforeseen benefits of the online auction is the attraction of bidders that otherwise wouldn’t have attended in person. These bidders include interstate buyers and those who want to bid with anonymity,” he said.

“With the unprecedented numbers of active bidders, bids per property and above reserve results, online auctions will undoubtedly be with us well into the future.”

Eight properties going to the auction include warehouses in Botany, Banksmeadow and Turrella, development properties in Parramatta, Botany and Nambucca Heads, and retail opportunities in Roseville and Leichhardt.

Auctioneer Jesse Davidson from Auctionworks will be calling the auction. Auctionworks also handled the Burgess Rawson events.