Online marketplace Grays is launching itself into the real estate and property market with the sale of land plots in Western Australia’s Kimberley region, calling its foray into the sector “the next frontier”.
It’s kicking things off with the land plots, which are between one to four hectares in size, through a series of online auctions.
According to Grays BDM Brett Garnett, “Kununurra is the perfect spot to build a holiday home in the world-renowned Kimberleys. People who enjoy being in nature and those who like to fish will be impressed with what this area has to offer.”
A statement from the auction platform said it’s offering this “unique piece of the Australian outback to buyers all over the world” and precludes its move into the real estate sector more broadly.
According to the online auction provider, while Australians have “swiftly embraced online auctions for a wide variety of categories, the real estate industry has not evolved much in recent years”.
It flagged what it calls a number of “fundamental problems of the real estate sales and auction process”.
Despite what Grays has called “tentative moves into virtual inspections and live remote auctions” by a number of real estate players, it’s taken issue with the fact that when it comes to real estate in Australia, auctions are over in minutes, are usually considered very high-stress environments, and bidders are generally constrained to people physically in attendance.
The platform’s chief operating officer, Jeff McLean, said, “We see a huge opportunity for buyers and sellers of all kinds of property to take advantage of our database of over 3 million Australians and our leading auction technology platform.”
Mr McLean added, “Grays has been perfecting online auctions for more than 20 years, so we are well placed to successfully move to property sales.”
It comes as Grays has noted a “large increase” in online auction activity across all categories, and recorded more than 5 million unique site visitors over the space of one month.
While one in 25 Australians has made a purchase previously using the platform, one in six Australians are on the Grays database.