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Commercial sale at online auction
Released 16 September 2010

In a first for Australia, a commercial property was sold in September via live online bidding. 

The industrial facility in Newcastle was sold for $1.52 million to an expat living in Singapore who placed 15 online bids against two local investors in the room and another phone bidder.

The commercial property was sold as part of Colliers International NSW Spring Auction Portfolio, which also sold a mixed-use Dural development for $6.2 million.

The online buyer had earlier attempted to purchase commercial property via online sales but had been discouraged by the requirement to obtain Power of Attorney or have a representative bid on his behalf, says Matthew Meynell, Director of Investment Sales for Colliers.