Online property auctions are still in their infancy with most buyers still venturing out to the traditional Saturday sales. However a recent sale could persuade more sellers that the online model can work, and work well. A three-bedroom house in the Lilyfield area of Sydney sold for $1.6 million after attracting 22 bids in three days. Selling agent Adrian Oddi of Bresic Whitney told The Daily Telegraph that “the industry is ready for a change” and he believes technology will provide that shift. Unlike a traditional auction the reserve price is set on the online auction site in advance but not disclosed and can be changed at any time. There are also refundable fees that have to be paid and at $2000 they are designed to deter time-wasters but the fees are refunded to unsuccessful bidders when the auction closes and to the successful bidder when the selling agent receives the deposit for the property.