With increasing acceptance in the marketplace, the online property platform is rapidly capturing a growing share of the auction market across both the residential and commercial sector, says MC du Toit, CEO of Sales for BidX1 South Africa.
“Our latest auction on 4 December (2019) saw highly competitive bidding, with a total of 173 bids over 31 properties. 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 R5.5 million – a price which was aggressively pushed up from an opening bid of R2 million. Villa Cortona Retirement Village in Graanendal Estate, Durbanville achieved a final bid of R4.7 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 R2.2 million, also exceeding an opening bid of R2 million.
Other sales which saw highly competitive bidding include a lodge-style home in Parys in the Free State which achieved a price of R775 000, up from an opening bid of R200 000, and a stylish, contemporary home in the sought-after Eye of Africa Estate in Eikenhof, south of Johannesburg, which fetched R3.525 million from an opening bid of R3 million.
Further notable sales include a four-bedroom home in St Francis Bay which went for R1.99 million, a prime-located house plus retail component in Warner Beach on KwaZulu-Natal’s South Coast which achieved a bid of R1.8 million, a vacant commercial stand in Wellington in the Cape which fetched a final bid of R1 million, and a commercial building in Linksfield in Johannesburg where bidding was pushed up to R1.5 million.
Adds du Toit: “The interest was from bidders around the country and across all property types, from resort town properties to investment and commercial properties. There was an abundance of participating bidders – including repeat buyers – with positive feedback from all that the platform is user-friendly and convenient for them to place their bids. The increase in bidders and properties sold is a clear indication that buyers are realising the benefits of using this platform.
“Looking back from our first auction in South Africa earlier this year to this point, sellers have realised that our online platform enables them to ascertain exactly what buyers are willing to pay and that there is activity for their properties, while buyers have the opportunity to place their offer in a convenient manner and to acquire the property they want at the market-related price which they are prepared to pay. The market has also realised that the process is open and transparent and that it really is a ‘digital property marketplace’ where buyers and sellers can transact openly.
“Our next auction is scheduled for 26 February 2020 and we are anticipating a good start to the new year.”
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