Digital property investment platform BidX1 will open online bidding on more than 180 Irish properties today, with hundreds of bidders set to take part.
Seven premises in Co Mayo are among the properties up for grabs but such is the volume of sales that the firm says it will close bidding on a property every two minutes from 9.30am.
Jonathan Fenn, BidX1’s head of property in Ireland, said that by mid-afternoon yesterday (Thursday), over 400 bidders had registered to take part, and that number was expected to increase throughout the day, and this morning, and more and more registrations were processed.
A 5-bed detached house in Ballindine in need of refurbishment is expected to garner a lot of interest and has been listed as having a guide price of €85,000. A 4-bed semi-detached house in Ballina is also going to auction with a guide price of €110,000 while 2-bed semis in Ballinrobe and Ballyhaunis are listed at €70,000 and €80,000 respectively. A one-bedroom house on the Dublin Road in Swinford has a guide price of €70,000.
There are also two commercial properties in the county set for the online auction, namely an office unit in Claremorris (G.P. €20,000) and a creche at Spencer Manor in Castlebar (G.P. €120,000).
“All of the bidding will be shown live on the website, with bids displayed in real-time on each property listing, meaning Friday’s’s sale will offer an interesting snapshot of the property market as we emerge from lockdown,” said Jonathan Fenn.
BidX1 list an ‘opening bid’ on each property, meaning that anyone who has registered to take part in the auction must place bids at that level, or higher. This opening bid is displayed publicly on the platform during the marketing period, so potential buyers have a clear understanding of where the bidding will start.
Registered parties can place bids in increments of €1,000 or higher and can do so manually or by setting a maximum bid. In the latter case, bids will automatically be placed on their behalf, a popular option for many investors who have a pre-determined limit to what they are willing to pay for a property.
The Irish firm has created an innovative approach to property sales, allowing buyers to browse investment opportunities across five markets — Spain, Cyprus, South Africa, the UK and Ireland — and to complete the full transaction online, using technology developed in Dublin.
“Potential purchasers can register and bid on our website, or through the BidX1 App. They can also do some practice runs using our demo feature, which can be really helpful for first-timers,” Mr Fenn added.
“Our sales are fully digital, but our teams are available to answer any questions about the properties or assist with registration.”