A house in the NZ suburb of Tauranga with a reserve price of $1 has been sold at a virtual auction for $700,000 through online platform PropFi.
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.
The home went under the virtual hammer last Wednesday evening and was sold after 10 bidders fought for the property.
Director at PropFi.NZ, Angie Zingel, said the auction began at 6pm and lasted for an hour with bids going up in $1000 increments.
"The platform (Propfi) took the property that was on the market from $ 1 to $ 700,000," Zingel told PPW.
"The buyer bought the property (sight unseen) remotely from Auckland as all the information was available online beforehand."
"The vendors went into this realising that it could go exceedingly well or wherever it ended up was going to be the sale price. It ended up landing within a range she was happy with."
The auction was initially scheduled for October 24 but was extended to November 2 due to popular demand.