OFF the back of a tumultuous year for the industry and a particularly tough few months for Sydney, online auctions are becoming an increasingly popular method of sale for commercial real estate agents.
The robust commercial market and low interest rates, coupled with advanced auction technology, has resulted in a strong level of auctions going under the hammer online.
Ray White Commercial Head of Agency Operations Andrew Freeman said that their upcoming online auction event has already garnered huge interest, with eight properties going under the virtual hammer and two more sold prior.
“We have a plethora of commercial buyers across the country, and lockdowns are not going to get in the way of them making their purchase,” Mr Freeman said.
“Particularly with the open-ended timeline of when restrictions will list, buyers are not willing to wait and are wanting to buy now.”
“While there are physical challenges with inspecting properties, the strong appetite for quality commercial stock means that we are experiencing many sight unseen bidders.”
“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.”
The Ray White Commercial Portfolio Auction Day will run on Thursday 19 August at 1pm, with buyers from all over the country expected to tune in.
Auctioneer Jesse Davidson from AuctionWorks will be calling the auctions.
“We expect many bidders and onlookers to tune in, with local, interstate and international interest,” Mr Freeman said.
The selection of industrial, development, retail properties going under the hammer on the day are:
30 & 32 Parramatta Road, Summer Hill
2 Stanley Street, Leichhardt
17/17-21 Henderson Street, Turrella
16 Erith Street, Botany
11/75 Corish Circle, Banksmeadow
108 Pacfic Highway, Roseville
1 Forest Heights Estate, Forest Road, Nambucca Heads
23 Wilson Street, Botany
Ray White Group
0448 841 606