Australia’s leading online bidding platform achieves it’s 2020 record-breaker delivering $160K over reserve in recent Sydney sale

SoldOnline continues going from strength to strength, with a recent sale of a four-bedroom home in Sydney’s inner-city suburb of Glebe, selling $160,000 above reserve – almost 10% of the property value.

With 758 unique visits for the property on auction day, six registered bidders were online to bid for the spacious original terrace located on the outskirts of the Sydney CBD.  With 16 online bids placed, the property was sold for a staggering $1,860,000.

According to David Scholes, Founder SoldOnline, this is a very impressive result in a challenging market.

“Yesterday’s successful online auction result on SoldOnline reflects the need and demand for innovative strategies to sell property in Australia in this current climate and in the future.   In fact, yesterday’s auction set a new benchmark as SoldOnline’s best auction result, showing people aren’t afraid to spend millions in one online transaction,” David said.

“lt is imperative that we have realestate agents like Simon Pilcher to inform and engage with their vendors on what is possible with online auctions and this result proves this.  We are confident that our technology now puts us well ahead of live streamed auctions.

“The next seven days will see us hold an unprecedented number of auctions continuing the new wave of demand for online real estate auctions.  We will undoubtedly be the go-to platform for 21st century property auctions.”

Listing agent for the sold Glebe property, Simon Pilcher, Director, Pilcher Residential says, “Sydney’s first Stage 3 lockdown property auction of 47 Wigram Rd at Glebe saw five of the six registered bidders competing to take the final sale price to $1860,000,  a massive $160,000 above the $1,700,000 reserve price, whilst 758 unique visitors watching the auction online.”

“I’ve used David Scholes’ online platform a few years ago and we set a suburb record with that sale so I had total confidence in the SoldOnline auction platform. As the writing was on the wall regarding increased social distancing restrictions, we moved to inspections by appointment and online auctions a week before the Stage 2 restrictions were announced, enabling us the opportunity to have seamless transition from on-site to online auctions, with the knowledge I was transitioning to a tried and true system.”

Online Auction

“The fact that I had previous experience of the online auction system and have managed the sale of over 1,000 properties over 20 years, has made all of my vendors very comfortable with my ability to manage their sale through these rapidly changing and challenging times. As the vendor appointed me to sell the property on February 28 they, like the rest of us, have had a lot to manage since then so delivering a great outcome and a smooth transition to our new methods of selling has been a role we’ve taken on board with an even greater sense of responsibility.”

“For buyers, the SoldOnline site is informative, user friendly and provides great transparency throughout the bidding process with the added bonus of a chat facility that allows me to communicate with buyers individually throughout the process if they have any questions. I was already an advocate of their online auction platform and after today’s amazing result, I’m an even greater fan and glad we were an early adopter as I imagined they’ll be run off their feet in the weeks and months to come.”

“I think we’re one of the safest businesses to deal with nowadays as we have been using only digital brochures for about 6 months, our virtual inspections tools are world-class, buyers can download free building and pest reports, we’re paving the way with online auctions and we’re well set up for electronic purchasing legalities and payments. ”

SoldOnline’s next auction is an investor’s delight! 14/101 Macleay St, Potts Point NSW  which is an inner-city Sydney suburb is a 19 sq mtr studio current live and ending on Saturday 12pm. Starting Bid set at $290,000! See property here.