AUSTRALIA’s biggest property market has seen an influx of new listings on the online auction site otown.auction this week, which could be a sign that prices are starting to pick up in the capital.
The online auction house is offering up to $25 million for the sale of properties on a number of different auction sites.
“We’ve been hearing from the community about an increased interest in properties on otown,” says David Jang, a managing director at the auction house.
“In the past two weeks, we’ve seen a lot of interest in property listings.”
Otown is a joint venture between online auctioning platform eBay and online property seller Graeme, which has launched a number, including the auction site in March.
Otown has been expanding in recent months with a new partnership with The Real Estate Board of Greater Victoria, and this week launched an online bidding service that allows users to bid on properties across the country, including properties in the west and south of Victoria.
“The interest in Otown auctions is growing and is very exciting for our partners,” Mr Jang says.
“As the industry matures and more people are interested in owning property in Victoria, we’re excited to work with the community and partner with them to help further develop the otown auction platform.”
Mr Jampong says that there are currently more than 300 properties listed on the site.
“There’s definitely a lot more interest in otown in the market than there was a year ago,” he says.
OTown has been in operation for nearly a year and says the online bidding platform has allowed for a more direct link between users and properties, allowing them to bid directly on their property.
“It’s a bit like bidding on an apartment, where the first time you go into a property, you have to go through a lot and it’s very expensive,” Mr Pong says.
The website is currently offering a range of properties, including detached houses and townhouses.
There are also a number listings of multi-family homes.
“This is a really good opportunity for people to find properties they’re interested in,” Mr Dutton says.
Property owners who are looking to sell can submit bids through otown, which then auctions them to buyers.
“You have to make sure your properties are up to par, and then it’s on to the next auction,” Mr Wylie says.
He adds that there is also a range to the auctions, including on-site auctions, which are free for everyone, and a lot that are free to the public.
“If you want to know where to bid, go to the website,” Mr Mow says.
Auctions will be held on Thursday, Friday and Saturday nights between 9am and 3pm and are set to run for three hours.
For more property news, visit The Real Property Board of Victoria’s website.