Leading developer EcoWorld International Australia is turning the traditional model of selling apartments on its head via an online auction system, whereby purchasers can bid on a brand new apartment within its now complete Yarra One project.
Located in South Yarra on Claremont Street, the Fender Katsalidis-designed project reached completion earlier in mid-December with a number of residents already calling the development home.
Yarra One General Manager Jeffrey Ong said the online auction provides a new and exciting way of selling apartments within a multi-residential setting, while giving the upper hand to buyers.
“It’s generally unheard of for developers to auction off newly completed apartments within a development but it’s actually quite a simple process.Like a typical auction, we will set a reserve price on the apartment and then it is up to the interested parties to make an opening bid.
“The more competition, the more the price will climb so the apartment could sell for a discounted price or it may sell for around what it would have if the buyer didn’t buy via auction. Ultimately, the price will be controlled by the market, meaning buyers will never have to worry about paying too much.”
The auction date is scheduled for September 15 (unless sold prior), with interested purchasers encouraged to inspect the finished one-bedroom plus study residence prior to its auction date.
To be qualified to bid in the online auction, interested parties will be required to submit an opening bid, alongside their settlement terms and deposit, which will then be reviewed by the team at Yarra One.
If the opening bid, deposit and settlement terms are deemed acceptable, purchasers will be qualified to participate in the online auction.