- Platform recently achieved $2 billion in sales since inception in 2017
- Median days on the market for listed property has decreased by almost a third
- Average clearance rate nationally is 80.37%
Openn Negotiation, an online platform that allows conditional bids to be accepted by a seller within an auction environment, has released its quarterly results.
Recently, we reported on the platform reaching $2 billion in sales since launching in 2017. The increase in sales has occurred despite initial fears the property market would suffer due to the pandemic, according to Openn Managing Director, Peter Gibbons.
“Dire predictions property markets would suffer in the wake of COVID-19 were proven spectacularly wrong, with Australia now in a growth phase that hasn’t occurred in over a decade,” said Mr Gibbons.
The results show that during the first quarter of 2021, the median days on the market for properties using the platform decreased by almost a third from 29 to 20 days. In the ACT, the median days on the market is only 5.
Results show competition remains fierce with an average of 15.25 bids per property – up 216% year-on-year with an average number of 6.9 buyers per property – up 169% year-on-year. 51% of properties are sold for about $0 to $5k above reserve with 10% of properties selling for $100,000 or more above the reserve.
The average clearance rate is 80.37%, with New Zealand and the CAR recording a 100% clearance rate. In WA – which traditionally is not as auction-orientated as other states – recorded a 77.73% clearance rate.
Several lots from the Dunes Estate in Yamba New South Wales sold by Richard Hunt of First National Yamba, had 20 to 22 qualified bidders per property – the most of any during the last quarter. He, unsurprisingly, is pleased with the platform.
“It is an unbelievably good system – you would never get bidding like this at a regular auction,” said Mr Hunt.
“The Openn Negotiation platform makes it so easy for bidders to participate and the process is very transparent so this also serves to reinforce buyer confidence.”
Richard Hunt, First National Yamba
Mr Gibbons described the quarter as a “fantastic three months” and felt it was important to recognise agents leading with the way on the platform especially given the booming real estate market.
“The buoyed market is reflected in Openn Negotiation’s continued success and incredible growth. Despite listings being a lot tighter on the ground, we’re seeing more agents embracing and leveraging our transparent online sales process to extract the best results for their clients.”
Peter Gibbons, Openn Managing Director
