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Domain rolls out online auction feature

Domain has confirmed that a new online auction feature has been launched in a bid to make transacting easier and safer for agents and buyers amid the COVID-19 pandemic.

The feature comes amid social distancing requirements causing the banning of onsite auctions and open homes.

In a statement issued to the media, Domain announced that it has launched an online auction feature via Real Time Agent’s Bidtracker to allow consumers to register and bid on a property with just one click.

“Exclusively integrated with Domain and showcased via property listings, the feature makes it easier for agents to host auctions and consumers to participate. It’s an important tool to help agents and consumers adapt to the new landscape we’re currently facing,” the statement read.

Domain Group director, commercial, Tony Blamey said the online auction integration is an invaluable tool “at a time when the whole industry is working together to continue to trade during the coronavirus”.

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“Bidtracker is an example of how we at Domain are coming up with solutions for Australians to adapt to the changing social conditions of the coronavirus quickly,” Mr Blamey said.

Commenting further, Real Time Agent chief commercial officer Angus Ferguson said the online auction process has never been easier.

“The demand for online auctions is growing, and these new features make the process of participating in one secure and simple,” Mr Ferguson said.

“We’re also receiving a lot of positive feedback from agents, who feel like Bidtracker helps to recreate the theatre and vibrancy of an in-room auction.

“As it integrates with tools like Google Hangouts and Zoom that consumers are more familiar with, it feels more natural and helps to foster interaction. It also adds transparency for the buyers, seller and auctioneer.”

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The number of homes taken under the hammer nearly doubled in a week, despite ongoing challenges in the auction market, according to CoreLogic.

In the week ending 19 April 2020, 1,848 homes were scheduled for auction across the combined capital cities.

This figure is a jump up from the previous week, where only 634 homes were scheduled to go under the hammer over the week leading up to, and including, the Easter long weekend.

CoreLogic recently found the number of owners withdrawing their property from auction soared to 40 per cent, following the introduction of the ban on auctions and open homes.

[Related: Auctions and open house inspections banned]

Domain rolls out online auction feature
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Malavika Santhebennur

Malavika Santhebennur is the features editor on the mortgages titles at Momentum Media.

Before joining the team in 2019, Malavika held roles with Money Management and Benchmark Media. She has been writing about financial services for the past six years.

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