Are online auctions the answer to a dwindling real estate market? Lloyds Online Auctions have seen a surge in online bidding resulting in a string of very strong sale prices above reserves with the latest one being an investment property in the Central Coast of New South Wales selling for $1.5 million, more than $300,000 above reserve.
The online auction of the investment property, which was in the hands of receivers, put forward a very compelling case towards the online auction model for real estate, after the local property was listed twice with traditional agents resulting in no sale of the property.
When Lloyds Auctions listed via their online auction platform the property sold in under 60 days and achieved over 25% above the reserve price outperforming traditional real estate sale methods.
"We have seen our online auction platform and customer database grow significantly across a wide range of luxury and passion investments over the last 2 years with a massive shift towards online buying," said Mr. Lee Hames, Chief Operations Officer for Lloyds Auctions.
"Because of the variety of product that we have on offer through our online auctions, our customer database is not only massive but very active. We have millions of people across the country browsing and purchasing anything from a superyacht to a classic car, Rolex or pink diamond," continued Mr. Hames.
Lloyds proved themselves very nimble throughout the COVID-19 period where passion investments became significantly popular due to cashed up buyers no longer travelling and spending their time at home.
Whilst interest rates are on the rise, Lloyds Auctions has certainly created waves in the property market capturing attention from major financiers around the country watching.
"I would highly recommend considering the services of Lloyds to any lender who is required to sell properties in forced sale situations," Mr. Stewart Wilkinson, Director of Blackbird Capital
Blackbird Capital through agents for mortgagee in possession Hall Chadwick appointed Lloyds to sell the Central Coast development site online.
"What attracted Blackbird Capital to Lloyds Auctions was their unorthodox approach to selling real estate, and we are extremely impressed with the result on the property." said Mr. Wilkinson
"We're working collaboratively with bricks and mortar real estate agents as another tool to help agencies move stale properties," said Mr. Hames.
"The great thing about our online auctions is that it enables buyers or sellers to deal with our team locally, and buy or sell nationally," continued Mr. Hames.
The auction house which is well known for breaking classic car sales records and is Australia's largest seller of fine art, is now challenging the traditional real estate sales model demonstrating that online auctions for real estate is a highly effective medium.
Lloyds Auctions have multiple properties listed on their website.
