AUCTIONSPLUS has almost doubled its online wool auction selling rate in just one week as it continues weekly sales.

AuctionsPlus Wool project manager Tom Rookyard said an increase in the number of limit bids by buyers helped increase the rate of selling to 2.2 lots/minute last week, up from 1.4 lots/minute the week before.

The Australian wool industry has implemented a number of online options to physical open cry auctions during the COVID-19 pandemic, including limited AuctionsPlus, WoolQ and Zoom auctions.

Mr Rookyard said wool buyers are starting to get familiar with the company’s live auction platform and there had been a huge increase in the number of pre-sale limit bids entered by buyers, enabling selling times per lot to be reduced. He said there was potential to increase the rate of selling.

“Definitely, I think a lot of the speed of the auction is affected by buyers putting in pre-sale limit bids on lots.”

Pre-sale limit bids unique to the AuctionsPlus Wool live auction platform allow buyers to put in starting bids above broker reserves, enabling the online auctioneer to start bidding at a pre-set level.

“That speeds up bidding quite considerably because you are automatically getting closer to a market value before live bidding starts.”

Mr Rookyard said the physical open cry auctions sell wool at a rate of about 250 lots per hour, and an online rate of 2.2 lots/minute is about 130 lots per hour.

“We are not near as quick as the physical auction, but we’ve got to keep striving to get up there.”

In the second week of online AuctionsPlus Wool auctions last week, 742 bales in 114 lots were offered by companies which included Jemalong Wool, Australian Wool Network, RuralCo Wool and Nutrien Ag Solutions.

Mr Rookyard said Nutrien listed wool from Queensland, New South Wales, South Australia and Western Australia. The sale cleared of 52 percent of the lots at the fall of hammer.

He said another eight companies competed in last week’s two sales. These included Fox & Lillie, West Coast Wool, Seatech, Harvest Wool, VWP, Swan Wool Processors, ACF Wool Traders and G Schneider.

Mr Rookyard said the introduction of Fremantle stored wool encouraged new buyers. A further 63 buyers, brokers and growers viewed the sale.

The top-priced lot last week was a line of 15.8 micron Merino weaners fleece wool that sold for 1218c greasy. This lot was branded Nangandie/CCY and was offered by Nutrien Wool for a northern NSW client. For full lot results please head to AuctionsPlus Wool – https://wool.auctionsplus.com.au/Auctions/Results

This week, an estimated 600 bales to be offered online on AuctionsPlus Wool.