Honey, I bought us a house online

by Chris Lang on August 12, 2008

It’s official – now you don’t have to leave your house to buy a house. Why? Live online bidding at Aussie real estate auctions is now available. As more and more people prefer to do the shopping in the privacy of their home, companies are trying to meet the demand and create great new services. Now, thanks to PTYAuctions, anyone can view or bid at a real estate auction sitting in their living room in front of a laptop.

So if you are a buyer, a seller or just curious – this is how it goes: to watch auctions (live or archive videos) first register at their website, then login using your user name and password and click on “Auction archive” link. It will take you to a list of properties, choose one and click on “View properties for this event”. Then, finally, click on “Watch auction webcast” and enjoy.

If you want to bid online at a particular auction, make sure you’ve rang the real estate agents holding that auction in advance. You can also sign up online, but it’s better to have a word with the estate agent about inspections, the contract of sale, etc.

Personally, I see in this service more advantages then the obvious set. Of course, the sellers will get more exposure and the buyers will get an access to more properties, but the actual fact that people have to travel less – to me that’s a huge plus. Fewer flights will be booked, less petrol will be used – so online auctions is a great example how technology can do some good for the environment.

This video here shows the first aussie home being sold at auction over the Internet, have a look:

The disadvantages of online auctions? I guess buyers agents will get less business and the auctioneers will have to loose some weight – camera adds ten pounds, remember :)?

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