A newly released
land subdivision containing 56 blocks of land located in the Sydney suburb of
Menai will be the first ever land subdivision to be auctioned online in the world. The auction will take place on
Soldonline.com.au.
The properties will be listed on Soldonline.com.au on 13 May with bidding commencing the week of 17 May. Five non competing blocks will be sold each day.
Christian Payne, General Manager of
Payne Pacific Real Estate, Cronulla, said “It’s the largest release of land in Sydney for a long time, with a total land size of 41,464.5 square metres. The current demand for vacant land in Sydney is at record levels with availability of quality blocks in the Sutherland Shire at an all time low.”
“We are expecting strong interest in the available land. Buyers are increasingly expressing concerns for the traditional auction process, due to increased pressure and the requirement to make life changing split decisions. This pressure increases when multiple properties are offered in succession, such as in this case.”
“We have decided to use Soldonline.com.au to help take the pressure out of the equation giving buyers time to make a considered decision while providing transparency and equal opportunity to all prospective buyers,” said Mr Payne.
“Soldonline.com.au was developed to give vendors access to more bidders from all over the world and provide bidders with access to an increased international property market from wherever they are at their own convenience.”
“Interested buyers can bid in their own time, with no pressure from wherever they are at any time of the day or night,” said Mr Scholes.
Christian Payne said, “We have already had positive feedback from prospective buyers who are excited about the prospect of bidding from home.”
“Two separate interested bidders will be overseas at the time of auction. Soldonline.com.au will allow them to participate in the auction from where ever they are without postponing their trip,” said Mr Payne.
The average size of each block is 700 square metres with the largest block over 1500 square metres. The blocks are expected to reach between $400,000–600,000 with an estimated total subdivision value of between $25–30 million.
Interested buyers will be required to attend the official launch and registration night on 13 May to listen to information relating to the subdivision and register as a buyer for the auction.
Key individuals will also be present on the night to help advise potential buyers. This includes a Westpac representative to provide financial advice, a respected solicitor to provide contracts for sale advice, the development’s surveyor to provide title information and David Scholes from Soldonline.com.au to help explain the auction process.
Official launch and registration night
Where: Club Menai Auditorium, Allison Crescent
Date: 13 May
Time: 7pm
soldonline.com.au run simple, secure and stress free online property auctions for residential, commercial and rural properties. The online system allows for increased flexibility in the traditional auction system allowing bidders from anywhere in the world to take part, 24/7. The extended bidding period removes the pressure normally associated with traditional auctions.
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