Today Tonight story covered an unique way in getting an apt. based on online bidding. Basically, people place bids on the unit, but unlike a usual auction, the lowest unique bid wins. Each bid costs $5. The absolute maximum bid is up to $17,000. On the www.uniquebidhomes.com.au website, people place a bid for $5 but if it is lower than the bid you have entered (e.g. $10.60) the website will tell you.
Each bid costs $5 but no one can make any more than 20 bids per week and the company makes its money with the expectation the number of bids will exceed the value of the unit
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Posted by pui-chee
at 10:07 AM EADT
