Conveyancing Update: The emerging digital auction market in Queensland
Due to on-site and in-room auctions now being banned across Australia following Scott Morrison's announcement during the COVID-19 lockdown a new emerging digital market for auctions has come to the fore.
The last month has shown that the Australian real estate market is adapting in some respects to these uncertain times. Although some buyers will withdraw from the market or opt for private sales there has been increasing interest in a new online auction platform for prospective property Buyers in Queensland.
Private Sales for House and Land in Queensland
According to an interview on RealEstate.com, the Buyer's advocate Cate Bakos warns that private sales can be difficult to navigate and recommends that 'Buyers should ask agents about the Vendor’s preferred terms of sale, including price expectations and their ideal settlement period, to try and secure a property. It was also important to conduct sales research about the local area to determine the right price point.' Source
Followers of the Australian property market have reported surges in online traffic to virtual property platforms for example Gavl. In particular ahead of hundreds of online auctions and live-streamed open homes in Brisbane this weekend the site has confirmed over 100s of lives streamed auctions will proceed.
According to Gavl chief executive “The industry, and buyers and sellers, have transitioned quickly to technology,”
What is Gavl?
Gavl is a digital platform that livestreams auctions so that potential Buyers can make their bids real time via the internet without physically being present. With reported virtual audiences of up to 88 people per property attending these new digital style auctions the Gavl platform appears to be a win for the Brisbane property market during the coronavirus pandemic.
According the Gavl website they will help you 'facilitate the distribution and signature of sale contracts completely digitally. We partner with DocuSign to deliver this functionality.' Source: www.gavl.com/2020/03/27/covid-19/