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As 2024 wraps up, Auctions Live reflects on an electrifying year of partnering with Burgess Rawson, culminating in the knockout success of Investment Auction Portfolio 173. With over $91 million knocked down across the country, the results are a testament to the power of cutting-edge auction solutions.

A Highlight of Portfolio 173

One showstopper from this portfolio was 27-29 Walter Morris Close, Coffs Harbour - a high-profile freehold investment with blue-chip tenants locked in for up to 15+ years and a net income of approximately $383,515 per annum + GST. While the property itself was a cracker, it was the inclusion of online bidding that truly took the auction to the next level.

A Thrilling Auction Showdown

The action kicked off with Online Bidder 33 firing an opening bid of $5,000,000 just 80 seconds after auctioneer David Scholes called for bids. An in-room bidder quickly countered with another $50,000, but Online Bidder 33 wasn’t backing down, upping the stakes by $100,000. Enter Online Bidder 39, who threw their hat into the ring with a bold $5,200,000 bid.

As the competition heated up, bidding soared to $5,850,000. From here, it turned into an all-out online bidding war, with 20 additional bids flying rapidly. The hammer finally fell at $6,415,000 to Online Bidder 33, achieving a stellar net yield of approximately 5.98%.

Extending Reach, Elevating Results

What made this auction truly spectacular wasn’t just the final result but the game-changing impact of online bidding. By enabling buyers to participate from anywhere, the vendors tapped into a far broader pool of potential bidders. This expanded reach was pivotal in driving up competition and delivering a sensational result.

The Case for Online Bidding

So, should real estate agencies embrace online bidding as part of their auction toolkit? Absolutely. Here’s why:

• Bigger Buyer Pool: Online bidding eliminates geographical constraints, inviting buyers from across the country and the globe to jump into the action.
• Fierce Competition: The ease and accessibility of online bidding means more hands in the air (virtually), driving fierce bidding wars and higher hammer prices.
• Vendor Confidence: Vendors love knowing their property is on the radar of a vast audience, boosting their confidence in securing top dollar.
• Flexibility in Any Market: Whether it's border restrictions or changing buyer habits, online bidding keeps your auctions alive and kicking.

The Ultimate Takeaway for Real Estate Professionals

As agents, we aim to provide top-notch service and deliver outstanding results for our vendors. Online bidding isn’t just a bonus - it’s a game-changer. By embracing all available tools, including online bidding, you can elevate your auctions to new heights and achieve record-breaking results.

Don’t let tradition hold you back. The jaw-dropping success of 27-29 Walter Morris Close proves what’s possible when innovation meets strategy. Make online bidding the cornerstone of your auction day solution and give your vendors the winning edge they deserve.