A Yeronga home overlooking the Brisbane River is set to become the first house in Brisbane auctioned exclusively online. A new service to Australian home-sellers, www.2bid2.com doesn’t simply broadcast the action from an onsite auction, but is a fully online bidding process. The USA’s had the innovative www.realtybid.com since 2001, and with that site having now hosted more than 38,000 auctions it’s our turn to give the real estate industry a digital kick-along.
www.2bid2.com is the brainchild of former Real Estate Institute president Michael Davoren and with easy comparisons to E-Bay he says the site puts consumers in the driving seat of both the buying and selling process. “The industry has progressed a long way over the last decade both technologically and professionally but the elongated strength of the market could have masked a change in consumer’s needs. Over 80% of real estate buyers are now from the X and Y generations and they prefer to communicate and to act differently to the Boomers and beyond.”
The auction of the home at Yeronga’s Brisbane Corso is expected to fetch in excess of $1.5 million. Bees Nees decided to trial the new auction approach for the increased anonymity it gives buyers. Many of our early enquiries for the home have been from wealthy locals who don’t necessarily want to stand on the front lawn and bid under the public eye.
Bidders still need to register and in many respects the auction is much like an onsite event. Sellers can expect a competitive environment amongst buyers – anyone who’s bought on E-Bay will know there’s plenty of pressure with an online auction! Unlike E-Bay though you can’t be outbid in the final minute as closing time on a www.2bid2.com auction is extended by another 5 minutes each time a bid is made.
Bidding for the Yeronga home is now open and while the auction’s slated to close on April 8th a 48 hour clock will start ticking down when bidding reaches the reserve price. Buyers get an SMS and email when another bid is placed and of course they can place their own bid from wherever they have web access.
And tell us what you think about the new auction system – is it the way of the future or just a speed bump on the digital highway?!