The web offers a plethora of opportunities to buy, swap and sell and now people have the chance to purchase and auction their homes online.
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This relatively new concept has been questioned by local property experts about whether this platform could be a game changer for Wagga’s property market.
Kimberly Reynolds, who purchased her first home in Estella three years ago, said this offers another platform to reach people, but was wary of the risks associated in online purchasing.
“I think this is a good idea but obviously you would need to do research before purchasing a home online,” Mrs Reynolds said.
“I’m in the agricultural industry and a lot of our buying and selling is online and it adds extra competition.
“I think it would be great for investors or those who can’t make the auction, however I would not purchase without seeing the home first.”
Independent property valuer Chris Egan said online home auctioning is an “interesting” subject that needed to be carefully looked at.
“I think this could be a good thing for Wagga, but investors need to be fully informed and analyse the market to ensure they are not being misled,” Mr Egan said.
“Homes could be priced way over the market, but at the same time it gives investors access to a larger market.”
However, LJ Hooker’s Jason Pearce was unsure whether it would work in the region.
“There isn’t really anyone selling their house via auction online in Wagga and from what I’ve witnessed, those choosing to sell with a private seller like ‘buymyplace’, haven’t had success, have wasted their money and ended up going with an agent,” he said.
“Investors use agents in the area because they understand the local market and where properties sit.
“Auctions are not a huge part of the Wagga market anyway, cities have a lot of buying inquiry and a bigger population base, so I think because of our smaller market it’s harder to see if it would work.”
Raine and Horne Newcastle sold their first property through an online auction.
Director Steven Dick said bidders had to download an app called Openn Negotiation, but allowed prospective buyers to purchase in the comfort of their own home.
“There’s no more having to attend a stress-filled auction room, no more having the eyes of the audience upon you, no more whispering as secret negotiations take place,” Mr Dick said.
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