Based on the success of BidX1 South Africa’s last property auction in December, property buyers are finding online bidding a convenient way of transacting, says MC du Toit, chief executive Auctions and Sales BidX1 SA.
“The user-friendly online platform allows buyers to bid with ease on a specific property up to the price they are comfortable with, and this gives the seller the opportunity to accept an offer that, under normal circumstances, he or she may not have been able to do. The online auction process is open and transparent - a ‘digital property marketplace’ where buyers and sellers can transact openly with the bids showing in real time,” Du Toit says.
In the current market an important reason for sellers not receiving offers for their properties is high price expectations which eliminate the opportunity to consider buyers’ offers.
“In our previous auction, we saw sellers achieve higher prices than expected, while in other instances realistic bids were accepted - with some sellers previously having had their properties on the market via other means for more than a year without any offers.”
BidX1's December auction drew 173 bids for a total of 31 properties. In all, 60% of the properties on auction were sold. Three frail care centres in Cape Town’s northern suburbs achieved very brisk bidding activity with Fontaine Bleau Retirement Village sold for R7million, Villa Cortona Retirement Village achieving a final bid of R5.8m, and La Vie Est Belle Retirement Village was knocked down for R2.55m.
Du Toit says the company’s next auction on February 26 will offer a varied selection of residential and commercial properties around the country, and across all price ranges.