Sydney, NSW (July 14, 2011) – An auction in Sydney’s inner-west recorded its first property sale via live online bidding last night, with a federation terrace selling under the hammer by LJ Hooker Newtown to an inner-west local who was travelling on business in Melbourne.

The buyer placed 27 live internet bids, including the opening bid of $520,000, during the auction and was bidding against two local investors who were in-room.

The property, at 22 Albert Street in Erskineville, was secured by the online bidder for an eventual price of $619,000.

The webcast of the auction can be viewed by clicking in the following link: http://www.ptyproperty.com/viewvideo.aspx?id=19043.

“Without the PTY Property service I would not have been able to participate in the auction. I was in Melbourne on business and did not have the time to fly back to Sydney. Being able to see and hear the auctioneer live is really the next best thing to being there. This is a great service and I’m very grateful to now own this property” said the winning online bidder Carl.

“LJ Hooker Newtown & LJ Hooker Green Square have been offering online bidding to our vendors since the beginning of 2011 and have found it adds a new dynamic to the room. The property sold for $64,000 above reserve and without the online bidder this would not have been possible. We have also had numerous online bidders that have previously been under bidders which creates extra competition and keeps the auction flowing.”

“Vendors are able to watch their auctions live whether they are travelling interstate or internationally. One of our vendors was in Kazakhstan and was delighted to be able to watch his auction live. This technology is here to stay and we are sure it has assisted us in achieving a 93% clearance rate in 2011” said David Colman Residential Manager LJH.

PTY Property began providing live online bidding to the residential property market in 2007 and to the commercial property market in 2010, working with many of the industry’s leading identities to transform property auctions for the 21st Century.

“Adding live online bidding to their auctions is essential for vendors to maximise exposure to interstate, expat and international purchasers who are interested in securing Australian property but are often unable to travel. Today’s result highlights the opportunity it provides agents to ensure they have every possible bidder in the room come auction time,” said PTY Property Managing Director Gavin Stuart, who developed the world leading live internet bidding technology specifically for the Australian market.

The live online bidding service is currently operating in NSW and QLD. PTY Property can be found on the web at www.ptyproperty.com or you can contact them directly at info@ptyproperty.com.