News Flash

Could online auctions

become the new normal?

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.

Source: The Daily Telegraph

Sydney Homeowners look to

Granny for profits

There’s a growing trend in Sydney with homeowners building second properties in their gardens. In fact everything from veggie patches to car ports are being redeveloped by canny property owners who are cashing in on building granny flats. The NSW planners are being inundated by applications for building projects of this kind; they soared to 4,818 last year from 2,867 in 2013. Malcolm Gunning of the Real Estate Institute of NSW said that homeowners are using equity from their properties after the surge in prices to fund the granny flats. Rental return on the newly build garden apartments can be around 15 per cent.
Source: The Daily Telegraph

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