Bignold says another key complexity for the business was around how different the offer process can be state by state.
“A lot of people don't realise there are different rules and regulations per state. Different clauses a buyer can include, different settlement times, some states have holding deposits and others don't, some have cooling off periods and others don't,” he outlines. “[We had to] lock down all of those variations and make sure the platform could facilitate any and every offer from each state.”
“Any private sale or private treaty style structure is a way in which an offer would be submitted through the Propps process, and that's actually a vast majority of the country. Melbourne is actually the auction capital of the country - in some other states, there are little-to-no auctions so the highest percentage method of sale is by some form of offer.”
Following a successful soft launch, Propps is now looking to launch at-scale. This means testing the proposition with higher volumes in a housing market where ANZ Research expects price gains of 9 per cent in capital cities.
Shayne Elliott is CEO of ANZ