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Date: 18/06/2019     BidX1 SA     Auction News

Value to be had in both residential and commercial property market

Value to be had in both residential and commercial property market

Sound investment properties available on BidX1 South Africa’s on-line auction on 3 July 2019

In the current economic climate, there is significant value to be had in certain property acquisitions – both residential and commercial, says MC du Toit, CEO Auctions and Sales for BidX1 South Africa, a purely on-line property trading platform.

“While post-election we are generally seeing increased confidence in the property market, right now there is still value in good, solid investments to be found across all sectors, whether it be residential, office, retail or industrial.

“Value in such properties is currently available for investors and end users in several areas around the country, including popular hubs and major centres such as Sandton, Pretoria, Somerset West, Midrand, Benoni, Port Elizabeth, Bloemfontein, Witbank and Franschhoek - locations where we are currently offering exceptionally well-valued property opportunities at our next on-line auction on 3 July (2019). Included in the auction are a number of bank sales.”

Du Toit says of benefit to sellers is that the on-line auction method enables the entire process to be completely open and transparent. By providing a reserve price, a seller indicates to the market the price he or she is willing to accept. This affords buyers the opportunity to then compete in order to acquire their preferred property.

Says du Toit: “We find that sellers are open to this platform as it provides both buyers and sellers with all the information required, while on the day, bidders will enter into a binding agreement at the price which they are willing to bid - which is not always the case when negotiating in traditional property sales. The online auction process allows buyers to negotiate for the property they are interested in from anywhere around the country and even globally. When listing a property at an inflated price, sellers may be eliminating an entire group of buyers as this may be beyond their limits. By following the above method, and especially in the current market, sellers are educated as to how to adopt a far more aggressive pricing strategy, but then to include the potential upside to this as a result of the BidX1 trading platform and the competitive nature of serious buyers.”

Du Toit adds that it is therefore a misconception among some that selling via auction does not achieve a sound market-related price. “All properties are suitable to this method of sale as it enables all sellers – irrespective of the reason for selling, the opportunity to present their property to the market and ask buyers the question – what is the best non-suspensive offer you as buyers are willing to offer me in the current market? By disclosing all the facts, which is the case on the BidX1 platform, sellers will achieve the best result, particularly as the auction method serves to create competition which in turn drives prices up.

“It follows therefore that the only way to truly establish what the best possible price for your property will be, is by placing your property on the market. Telling buyers what you are willing to accept and to be open and honest about this price then allows buyers to decide what they perceive is a fair, market-related price. Given the access to extensive online property information, today’s buyers now tend to be very informed regarding property values and what, in turn, represents good value. This then tends to translate into our auction results being a win-win for both parties on the day.”

BidX1 South Africa’s auction on 3 July includes a range of appealing residential properties around South Africa as well as a number of commercial properties, including two prime, well-located commercial properties in Gauteng suitable for owner-occupiers or investors.

These are a sizeable, landmark corporate office and storage warehouse with development potential in Midrand, with frontage onto the N1 and with a reserve price of R29.5 million, and an immaculate hotel, events venue and conference centre in prime position in Benoni, just 15km from OR Tambo International Airport with a reserve price of R20 million, including movables.

Among the highly-desirable residential properties on auction is a spacious four-bedroom, three-bathroom home with pool and triple garage situated close to all amenities in the sought-after suburb of Parkmore in Sandton, Johannesburg, which has a reserve price of R3.5 million.

Also in Johannesburg, in exclusive Eagle Canyon Golf Estate, is a five-bedroom, six-bathroom, luxury mansion with separate guest suite, cinema room, pool and Jacuzzi room set on a spacious erf of 2 150sqm with a reserve price of R12.5 million, as well as a three-bedroom, two-bathroom designer home in popular Craighall, with easy access to all major hubs, with an opening bid set at R3.5 million.

Adds du Toit: “The opening bid is not to be confused with a reserve price – an opening bid, which normally applies to bank stock, deceased estates, liquidations and the like, is the price at which bidding starts and which is subject to confirmation. A reserve price, on the other hand,  is the minimum price a private seller is prepared to accept for his/her property, meaning that, if this is in fact achieved by way of the first bid at the auction (or indeed higher subsequent bids), then the property is, by definition, immediately sold.”

In upmarket Silver Lakes Golf Estate in Pretoria East, overlooking the game reserve and with its own private boma is a four-bedroom, four-bathroom home with elevator to all three levels, with a reserve price of R7.5 million. Situated on 2 450sqm, this home has exceptional finishes including Rhodesian Teak cupboards and thousand-year-old leadwood pillars. Silver Lakes incorporates a Peter Matkovich Golf Course plus a game reserve which extends to some 77ha with zebra, kudu, blesbuck, bosbuck and springbuck. There are also a number of shopping malls in close proximity.

In Erinvale Golf Estate in Somerset West in the heart of the Cape Winelands, a two-bedroom (both en-suite) character home in a private pan handle goes on auction with a reserve price R4.5 million, while on the West Coast in Sandy Point Beach Estate in St Helena Bay, only 30m from the ocean, a modern three-bedroom (all en-suite) home with self-contained flatlet and sea views throughout, has a reserve price of R4.5 million. St Helena Bay is about 150km from Cape Town, while Sandy Point Beach Estate is in an idyllic setting close to the local business hub and major amenities, including the West Coast Mall in nearby Vredenburg, just a 20 minute drive.

In KwaZulu-Natal, in Bird Valley Estate at the foot of the Karkloof Mountain Range in Cramond in the KZN Midlands, a vacant erf of 2 680sqm will be auctioned. A haven for wildlife and birds just 30km from Pietermaritzburg, the estate lies just below the second largest indigenous forest in South Africa. This property has an opening bid of R350 000.

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