Last parcel of oceanfront land snapped up online
Some of the last parcels of ocean front land in Yamba, NSW went under the virtual hammer last month with all but one selling for more than $1 million each.
Ranging in size from 523.2m to 781.7m squared, the six lots located on the eastern side of the Dunes Estate, Yamba were snapped up in an online auction.
For First National Real Estate Yamba agent Richard Hunt, it was a new experience that he intends to utilise more in future.
"Having an online auction was something new for us, and definitely something new for Yamba," he said.
"Our experience with it was very good. It outperforms regular auctions in that it opens bidding up to a much wider audience and inspires people to bid without fear."
Mr Hunt said traditional auctions can sometimes instil anxiety among potential buyers, while an online auction allows them to bid at their leisure from behind a computer screen half a world away. It also provides transparency throughout the bidding process.
Using the Openn Negotiation auction platform, 21 qualified bidders for lot five battled it out with a total of 51 bids before the property was sold for just above the $400,000 reserve price.
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Meanwhile, there were a total of 72 bids for lot 4 following an intense 34-minute final bidding stage where qualified bidders have two minutes to make a bid. Lot 4 sold for $1.310 million - well above the reserve price.
"The lots were sold to individual buyers from outside of the Clarence Valley who each have plans to turn them into private beach houses," Mr Hunt said.
"It's going to be a good estate which will take shape pretty quickly."