Judging by the success of our last online property auction in December, we are seeing that property buyers are proving increasingly active and finding this a convenient way of transacting, says MC du Toit CEO, Auctions and Sales for BidX1 South Africa.
“Sellers and buyers have embraced the user-friendly online platform which allows buyers to bid with ease on a specific property up to the price they are comfortable with, and this in turn gives the seller the opportunity and flexibility to accept an offer that under normal circumstances, he or she may not necessarily be able to. Most importantly, the process is open and transparent and really is a ‘digital property marketplace’ where buyers and sellers can transact openly, as everyone can see the bids in real time.
“What we have found in the current market is that the reason for sellers not receiving offers for their properties is due to their entering the market at too high a price, which eliminates the opportunity to consider buyers’ offers. In our previous auction we’ve seen sellers achieve higher prices than they expected, while in other instances realistic bids were accepted – with some of these sellers previously having had their properties on the market via other means for more than a year with no offer.
“Our December auction saw highly competitive bidding, with a total of 173 bids over 31 properties. In all we sold over 60% of the properties on auction on the day, which is exceptional, particularly in the current market trading conditions.”
The three frail care centres on offer in Cape Town’s vibrant Northern Suburbs achieved very brisk bidding activity with Fontaine Bleau Retirement Village in Welgelegen going for R7 million – with the price aggressively pushed up from an opening bid of R2 million, Villa Cortona Retirement Village in Graanendal Estate, Durbanville achieved a final bid of R5.8 million – also up from an opening bid of R2 million, while La Vie Est Belle Retirement Village in Bonne Sante Building in Sonstraal Heights fetched R2.55 million, also exceeding an opening bid of R2 million.
Says du Toit: “Our forthcoming auction on 26 February (2020) offers a good mix of residential and commercial properties located around the country, and across all price ranges. Our catalogue also has a number of value-for-money opportunities well suited to first-time buyers, encouraged by the reduced interest rate and looking to enter the residential property market, as well as investors. These comprise apartments and houses with opening bids ranging from R200 000 to the R1 million mark, in good locations such as Lonehill and Springs in Johannesburg, Centurion in Gauteng, Middelburg in Mpumalanga, Bredasdorp in the Cape’s Overberg region and San Lameer in Southbroom on the KwaZulu-Natal South Coast.”
Du Toit says affordable vacant stands are also on offer with opening bids of R250 000 and R500 000 respectively for a prime site in a secure lifestyle estate in Stilbaai and a spacious serviced stand in the Vaal Marina in Midvaal, Gauteng.
In addition, some very well located upmarket homes with opening bids of R5 million are available in sought after locations such as Bloubergstrand, where a deceased estate property on the frontline includes six en-suite bedrooms, and in Vermont just 10 minutes from Hermanus – with a three-level family home with spectacular views of Walker Bay and bordering a green belt area. Du Toit says properties in this prime location in Vermont are become available on auction. Then in Kyalami Estate in Midrand, central to Pretoria as well as Johannesburg’s eastern and western suburbs, a five-bedroom mansion with staff accommodation is on offer.
Adds du Toit: “Other highly appealing homes on auction include a modern, five-bedroom house in Midstream Estates in Centurion, Pretoria, with an opening bid of R3.5 million; a beautifully renovated home in Tre Donne equestrian country estate in sought after Somerset West in the Cape Winelands with an opening bid of R2.5 million; a four-bedroom family home or guest lodge set in an indigenous forest glade – and with permission to build three more residences, situated in Seaview, Port Elizabeth, with an opening bid of R2 million; and a huge, five-bedroom family home on a smallholding in Hartbeespoort, Gauteng, with views of the Magaliesberg, with an opening bid of R1 million. In exclusive Val de Vie Estate located between Stellenbosch, Paarl and Franschhoek in the Cape Winelands, a spacious plot is on offer with an opening bid of R1.2 million.
“Several commercial properties also go on auction, comprising a portfolio of A-grade properties with blue chip tenants in Midrand – with an opening bid of R60 million, providing the purchaser with a return on investment of over 14%; a large industrial premises in Wellington with an opening bid of R5 million; a ground floor commercial and residential unit just 100m from the breach in Hibberdene on the KZN South Coast; and a historical commercial building in Murraysburg in the Western Cape Karoo, with an opening bid of R150 000.”
During the course of the year BidX1 will be adding further new features to their website to enhance the selling and buying of properties. “This will also improve the digital marketplace for property buying and selling,” says du Toit.
- Rebosis shareholders vote against its pay policy
- Sharing isn’t just caring – it’s also making an impact on SA’s residential property market