Online auctions: we log on & give you the scoop

You know what... there’s something to be said for online auctions. I mean, you get a front row seat to one of Melbourne's favourite past times from the comfort of your own home. Bake banana bread while you buy a house.. Has your competition even got pants on? Who knows!  

I have a 2yr old hanging off my leg, glass of wine in hand and dinner on the stove while I watch Sam from Jellis Craig sell what is arguably one of the most beautiful homes in Northcote. I’m playing voyeur… a nosey neighbour… 2020 COVID style. 

They are using 'Auction Now’ the live streaming online auction platform where you register to view or bid and watch it all unfold on your computer. If you have inspected or enquired on the property through the campaign, the agents will send you the link a few days prior to auction. The link can also be found on the listing itself. 'Auction Now' is easy enough to navigate, if you’re planning on only watching, you just need to ‘follow' the property and you will be notified once live streaming starts. 

Quoting $3.5m - $3.8m

5.02pm and it has begun, they quickly receive an opening bid of $3mill from ‘bidder number 2’… a low ball you may say, the agent suggests a reply of $3.4m and… crickets. 

A vendor bid is placed at $3.4m followed by a short break where he visibly hits the phones contacting other registered bidders to drum up interest. The Jellis Craig office clearly still in action in the background is an interesting antithesis to the usual break in proceedings at public auction, where the agent goes inside to refer to the vendor and buyers are left outside sizing each other up or frantically trying to access more cash. Which I have no doubt was still going on in the living rooms of interested parties. 

After referring to their vendor they returned and put it back to ‘the public’ again looking for $25k rises. He can see a buyer has selected but not confirmed a bid… so it gives him an opportunity to really work the virtual crowd. There were no further bids and the property passed in on a VB of $3.4m.  

This is the style of home that late last year would have had a crowd of hundreds spilling out onto the streets of Northcote… Does a crowd add to the drama of the show? Yes. Does it get people in power mode looking to outwit, outplay and outbid their competitors? Yes. Is that missing in action here? Yes. And did this affect the end result? YES. 

The agents have rapidly adapted their way of operating to the ever changing market conditions and buyers now have the luxury of sitting back in the comfort of their home picking and choosing what they’d like to do, when and if it suits them. Two words for you… Buyers. Market.

To give you a rounded view of the ‘Auction Now’ platform, we registered to bid on the following auction. Leaving it until 2 minutes to 6 to register, I was given 'bidder number 8’ which automatically tells me 7 others were registered to bid for this cute as a button single fronted Victorian. Sam from Jellis Craig was again the man at the helm, while I, glass number 2 in hand have officially moved into the home office.

 

Quoted $1.35 - $1.45m 

Last sold $1.211,000 in May 2016

Bidder number 5 opens quickly with a bid of $1.4m. Auctioneer asks for $10k rises and receives it shortly after from bidder number 4… Bidder 5 comes straight back in with another $10k, the bid is now at $1.420 and they’re coming in fast, the auctioneer expertly slows the pace to give the buyers (and himself) a minute to prepare for what looks like it will be a quick auction.

Bidder 4 comes in at $1.430, No. 5 requests a $2k raise which the auctioneer declines, asking for $10k again. Which he gets, quickly now and we’re at $1.45, the auctioneer pauses to refer to the vendor… while the ‘crowd’ waits with bated breath. 

He’s back and It’s ON THE MARKET we are selling! Bidder number 4 has the keys at $1.450, 'Keep it intense!' he yells…hearts are racing. 

Bidder number 5 comes in with a $20k knockout at $1.470! But his opponent wastes no time, it’s straight back with another $10k. Hard and fast the bids keep coming and we’re suddenly at $1.520. He ramps right up, 'keep the bids coming quickly before we go…. you can absolutely have confidence in this home and location!’

After another couple of bids, he slows his pace again, ‘there’s no stock coming up’ he says, fear of missing out...classic move Sam well done. This was followed by a flurry of bids! $1,000’s, $10,000’s there in a race and someone’s going to win. 

Bidder number 4 is at $1,555,000 'lots of $5’s and feeling fine!’ 

Bidder number 5 - $1,556,000

‘Bidder number 4 you need to get a bit quicker on that trigger button, are we selling to bidder number 5??'

He calls it once, twice, THIRD and final time….. selling… selling... SOLD to bidder number 5!!! And just like that I was back to a blank screen, by myself with an email in my inbox notifying me of the result. 

 

I’ll tell you what, I got the rush. 

 

What we are seeing here is genuine bidders at the forefront and camera loving agents in their element. Perhaps the drama and showmanship has not been left behind after all. Once again, even in the toughest of market conditions, we are seeing that quality A-Grade property will stand strong and remain highly sought and hotly contested.

 

Please take some time this week to thank our Melbourne Property Gods for giving us one of the best markets in the world. 

 

Until next time.

 

Sam Davenport.  

Tabitha Robbauctions, buying