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Reverse auction proves successful in Queensland

Reverse auctions could become a popular method of selling property following a successful example in Queensland.

When selling a property many homeowners will choose to go to auction, allowing bidders to compete against one another. This can drive the price up and help people meet their desired target.

However, in Queensland this week an innovative property owner chose to sell their house in a reverse auction - which led to it being sold above the reserve price within only a matter of weeks.

The Australian reports that the owner dropped the price of her house by $1,000 every weekday until the house was sold or hit a reserve amount.

This meant that the property eventually sold for $271,000 after starting on the auction at $283,000.

Agent Claudio Escobar, of NAT group, said: "It actually worked really well because we had the phone ringing the whole time it was a rush to the end."

Ms Escobar said there were many interested parties, including investors and first-time buyers and admitted that while this move may not suit every vendor it allowed the property to stand out from the other lots.

Posted by Craig Francis


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