Online auction sells first apartment

AUSTRALIA'S first online auction of 20 apartments in 20 days has opened with the successful sale of the first apartment after 41 bids for a price of $343,250.

The second apartment is currently on line with three bids lodged pushing the price to $283,000, still short of the reserve price.

Owner and developer of Ramada Hervey Bay complex where the apartments are located, Tim Wright, said it had been an exciting start to the auction process.

"I get the feeling that real estate is alive and well in Hervey Bay," Mr Wright said.

Auction website www.ramada-auction.com.au shows a range of dual key apartments offered for sale with opening bid prices of $250,000 and a median buyout price of about $340,000.

Bidders for the first apartment kept their cards close to their chests, with $250 increments being offered frequently and $2500 bid raises proving one of the more sweeping gestures.