As we move into Autumn and traditionally lower demand levels from private buyers for residential properties, the auction floor has again shown no let-up in demand.
Traditional sales methods have always been affected by seasonal changes in demand patterns but the auction method seems to operate outside of such perceptions with auction attendance both on site and at our monthly multiple auction at The One&Only Hotel showing steady increases in attendance month on month.
After all, no buyer has ever missed a genuine opportunity due to inclement weather, especially on auction, where there is one chance to acquire the property on the day of auction.
Sellers in the know realize the benefit of a quick, cash sale process too and there has been a marked increase in the number of residential sellers approaching us to produce a result, often after months on the market with no prospects from the regular sales methods.
The ongoing water crisis, although of concern to owners of property, has not dampened the demand we have seen for residential and commercial property over the past month again.
This trend is set to continue at auctions across SA where we see real demand from cash buyers speaking through our auctions to sellers who are looking to dispose of fixed and movable assets at market-related prices.
Of course the speed and efficiency at which the auction mechanism can deliver such results is one of the main attractions to both buyers and sellers who have adopted this as their method of choice, following on from banks and the legal profession who have long been aware of its benefits and transparency.
Some recent highlights include the sale of Erica Court, a landmark residential block on Voortrekker Road in Parow, to a local developer-investor at a price of R17 824 000.
Another recent sale reflects the demand and value seen in residential opportunities across the Western Cape with the sale of an executive home in Ben Nevis Rd Green Point at a price of R6 294 100.
More than 60 properties will be auctioned by the ClareMart Auction Group in April at the MFC Auction House on the M57 on request by one of South Africa’s leading banks. The portfolio of properties includes residences, apartments, town houses, vacant land and investment opportunities across the country. The properties on offer range from Johannesburg, Pretoria, Vanderbijlpark, Hartebeestpoort, Vereeniging, Boksburg and Bedfordview to Durban, Pinetown, Pietermaritzburg, Beacon Bay and Margate, not to mention Port Elizabeth, Witbank, Meyerton, De Doorns, Kokstad, Parys, Ennerdale, Lawley and Gillets.
Our Group also provide the buying market with access to assets which are not available elsewhere such as government and bank repossessed assets. One such auction is our regular repossessed vehicle auction for Absa Bank at their Absa Trade Centre in Milnerton in Koeberg Road on April 19th and we again look forward to concluding some great deals on their behalf.
We have just knocked down a Clifton bungalow on behalf of the City of Cape Town to a local buyer and the auction bid is currently under consideration by the City for acceptance and sale. This offered a unique opportunity to acquire a Clifton site from the City, something which rarely if ever occurs.
With upcoming highlight auctions such as 130 Sir Lowry Road, Zonnebloem, 13 Duke Crescent, Baronetcy Estate & Sunshine Court, Parow, April is set to continue to produce results for sellers and opportunities for buyers which can only be seen at auction.
See you on the auction floor.
Andrew Koch & MC du Toit