A Sydney real estate agent will live stream an apartment auction on Facebook

Photo: Christopher Furlong/Getty Images.

House auctions are already a spectator sport, but now Sydney real estate agency Raine & Horne wants everyone to share in the action without leaving home.

The agent will live stream the auction of a Surry Hills flat on Facebook and Periscope next month, following in the footsteps of Sky News, which in February struck a partnership with REA Group to broadcast Saturday auctions.

Listing agent Jason Ballo says the live stream of the auction of the Nickson Street residence will be a first in Australian real estate.

The one-bedroom and one-bathroom property spans 62 square metres and last changed hands for $332,000 in 2005.

It has a price estimate of $700,000.

Ballo says the live stream “takes away the old-fashioned approach of viewing a property”.

“For example, if your partner is away on business in Melbourne you can still stream the inspection or auction of a property in Sydney to them through Periscope and chat with them about it on Facebook,” he said.

Raine & Horne auctioneer James Pratt said Facebook live streaming gave viewers the chance to leave comments as bidding takes place.

“This creates a level of interaction that is totally new to Australian property auctions. It also makes the process more transparent as everyone can see exactly how many bidders are on hand and the bidding sequence, even if you’re in Hong Kong, Hobart or Haberfield at the time the bidding starts,” he said.

The use of live streaming apps such as Periscope, owned by Twitter, has already taken off in the United States with many investors using the tool especially when they are unable to visit the property in person.

Earlier last year in October, First National Real Estate was the first in Australia to stream an auction on Periscope with over 70 followers tuning into the Forresters Beach auction.

The auction will take place on May 21.

NOW WATCH: Tech Insider videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.