Michael Vettoretto

Craig, open negotiation was launched in Australia in 2016 and has seen significant growth largely due to the COVID-19 restrictions on traditional home inspections and on-site auctions.

It originated in WA and over the past almost six years now,

Each individual states, particularly Victoria and New South Wales, have seen significant rises in this manner of transparency as far as the auction process goes.

That's correct.

So there's a start date of the campaign.

And unlike...

traditional auction where the auction is conducted in four weeks on a Saturday or a Sunday, whatever the case may be, the auction commences from day one of being on the market.

And then there's a closing period.

Now that final closing period allows only those people that are registered and are currently bidding on the property to continue bidding once the clock stops at a certain time, which has been set.

Okay, so how does the bidding process itself work?

So the bidding process itself is quite interesting and it's quite unique.

The platform itself facilitates real-time communications and negotiations in property transactions.

In the example of Christmas Creek Road or Mandalay,

The first bid came in on the 13th of July at $1.5 million.

We then can determine what our increments we're looking for up until the final close.

At this stage, we've set a $50,000 rise.

So we currently have $1.6 million as a current bid and three qualified bidders that are continuing to fight it out until Friday the 29th.

It's interesting.

The campaign is running on a 24-day period, and we can control that period as well.

To date, we've had just over 95 inquiries on the property.