Digital property investment platform BidX1 will open online bidding on more than 180 Irish properties tomorrow, with hundreds of bidders set to take part.
In order to manage the volume of sales, the firm will close bidding on a property every two minutes from 9.30am.
Jonathan Fenn, BidX1’s head of property in Ireland, commented: “By mid-afternoon today, over 400 bidders had registered to take part, and that number will continue to increase as we process more registrations this evening and tomorrow morning.
“All of the bidding will be shown live on the website, with bids displayed in real-time on each property listing, meaning tomorrow’s sale will offer an interesting snapshot of the property market as we emerge from lockdown.”
The full residential catalogue can be viewed on their website.
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.
Mr Fenn also highlighted a number of properties to watch out for in tomorrow’s sale: “A two-bedroom apartment in Kinsealy, Co. Dublin, with an opening bid price of €150,000, has attracted significant interest, both Irish and international, so it’s likely that tomorrow will see plenty of bids.
“We’re seeing huge interest in holiday homes, as buyers seek staycation properties in Ireland’s most scenic locations. Ones to watch include a four-bedroom bungalow in Liscannor, Co Clare, which has an opening bid price of €150,000, and a five-bedroom home on the Ring of Kerry in Caherdaniel, which has an opening bid price of €165,000.”
“We’re also expecting competitive bidding on a three-bedroom house in Ballinalee, Longford, which will open at €85,000, while another three-bedroom house, this time in Cahir, County Tipperary, has attracted a flurry of last-minute activity so is also likely to see intense bidding on the day.”
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.
Interested parties must register to take part in bidding. This process includes transfer of a deposit, the amount of which depends on the opening bid for the property.
“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.”