A New Zealand property with a $1 reserve that was to be auctioned online in October, has had its date changed to November due to a high level of interest.
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 and $1 reserve 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.