Hybrid auction a success

It was one of five on-site auctions held across Newcastle on Saturday, the first in six weeks since the government banned open homes and auctions as part of social distancing restrictions.

During that period real estate agents had been forced to quickly adapt, with many embracing online auction platforms.

And on Saturday, outside 1 Kings Road at Tighes Hill, there was a unique open air and online auction, a hybrid under the hammer experience that attracted two registered bidders, a crowd of onlookers and 71 people watching online on AuctionNow.

Ultimately, after a bit of negotiating, the house was sold for $620,000 by Raine & Horne Newcastle agent Patrick Collins. And the excited new home buyers were there in the flesh.

"It was a nice start to the lift of restrictions," Mr Collins said.

"Being able to have open houses and on-site auctions again puts some confidence back in the market. It's a breath of fresh air for buyers and agents."

Mr Collins said hybrid auctions look set to remain for the near future, with people given the opportunity to both physically inspect the property or stay away, while also giving people overseas or interstate the opportunity to bid on properties.

The NSW government has outlined health guidelines for real estate agents to follow, including open air auctions where possible, physical distancing of 1.5 metres and extending open home times.

Mr Collins said it was pleasing that the open houses and auctions he ran on Saturday were patronised by people who kept a safe distance and used common sense.

The federal government announced last week that auctions and open homes would be allowed to return in reduced capacity as one of the first suggested steps in reopening the economy. The first stage put a cap of 10 people at inspections and auctions, increasing to 20 in stage two.