In an Australian first, Colliers has successfully sold a NSW commercial property via live online bidding this month.
The industrial facility in the northern coast city of Newcastle went under the ‘enter’ key for $1.52 million to a foreign Singaporean investor. A total of 15 online bids were placed against two local investors, as well as a phone bidder.
Colliers director of investment sales Matthew Meynell said the online service made it easier for foreign buyers to secure property in Australia.
According to Mr Meynell, the online buyer had previous difficulties buying property in Australia due to legal requirements, including having to arrange a power of attorney or engage a representative to bid on his behalf at traditional auctions.
"After learning about the service offered by Colliers International and PTY Property, he was happy to participate and ultimately secure the holding," Mr Meynell said.
"Today's auction results reinforce that strong fundamentals in property will always attract competition,” he said.