When Tyler Hoggard and Jess Farrell recently bought their first house in Wollongong, the auction took place in the kitchen of the Mount Pleasant home that is now theirs. Key points: Timed property auctions see people register and bid on houses over a set period of time Real estate agent Neil Webster says it gives a greater level of transparency to the buying process as people can see bids are legitimate By conducting the auction remotely, buyers may not form such a strong emotional connection to a property They had walked around the place, loved it and already pictured what life would look like living there. “It [being there] definitely made an impact on the emotional connection, as it’s always hard to properly gauge the quality of a home from photos and videos,” Mr Hoggard said. It is this emotional connection real estate agents bank on at auctions, but technology could end up nullifying the effect as more bidders are raising their hands from their home or office. Timed online auctions are like buying a house on eBay, away from the theatre and pressure of a live onsite auction. “I think that bidding online would have made for an entirely different experience and… Read full this story
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