A New Zealand home with a reserve of just $1 will go to auction this month on website PropFi.auction, reports the New Zealand Herald.
The four-bedroom home in Bethlehem, Tauranga, marks the first time that Propfi - a site from which licensed real estate agents can conduct property auctions virtually - has been used to sell a property.
Rodney Fong, from Ray White Real Estate, says the virtual sale allows for an unconventional bidding process set to change existing conventions.
"It's an exciting twist to the process. People don't need to show up to an auction, they can bid from their couch on their computer," he said.
"I believe it's another tool agents can use to sell property. As an auctioneer myself I think there is still a place for auctions on site and in rooms but this gives us another option to sell a property."
The home will be auctioned on October 24, with prospective buyers already able to view the property on the PropFi website.