The turnout made for some exciting bidding, with prices of eight figures for some lots.

Auctioneer Rael Levitt said he was happy with the prices considering the market, and all sales should be confirmed.

“Good properties in good areas always remain good properties, and the strong bidding showed there is still money around,” Levitt said.

“However, this auction also showed wealthy suburbs are no longer immune to the downward correction in house prices.

“Even though luxury properties still form only a small part of the distressed residential market around the world, tighter credit, rising unemployment, negative investor sentiment and falling home prices are starting to take their toll.”

Two completed clusters at 130 Boundary Road, Sandhurst, each with an average gross building area of about 1000m², with four bedrooms with en suite bathrooms and each with en suite lounge, sold for a combined hammer price of R18,5m.

Two ultramodern clusters, 50% complete, at 44 Oxford Avenue, Sandhurst, fetched a joint hammer price of R16,5m.

A pair of more modest clusters at 5 Gail Road, Morningside, achieved a combined top bid of R6,35m.

Developers MKB’s commercial office development in Parkmore was sold for R8m.

This resulted in a total value of R60m, including buyers’ premium, achieved at the sale.

Demand remains keen for blocks of flats in the right areas, as was shown at the Alliance Group property auction in Sandton on Tuesday.

The Marula Sand complex on Church Street, Ellisras, recorded the highest price of R8,5m at the auction. The newly built complex offering 16 flats was sold with vacant occupation.

“We got some good bidding today and the demand is still there, but prices have come down. On the other hand, sellers no longer are expecting unrealistic prices,” Norman Raad of Alliance Group said.

Auctioneer Pieter Geldenhuys said there still was life in the market and good stock would always sell.

“We got good prices given the state of the economy and interest rates,” he said.

The auction kicked off with two properties in Polokwane, both housing workshops and offices. A double-storey block at 69 Church Street on a 1428m² erf — offering a gross lettable area of 1065m² and a gross income of R468000 a year — was sold for R5,75m.

The second lot, on a double stand with gross lettable area of 780m², was sold with vacant occupation for R3,8m.

There was keen bidding for two A-grade sectional units of an insolvent estate in an industrial park in Allandale, which sold for R8,1m, and R6m was offered for warehousing on a 6069m² stand in Wakefield Road, Founders Hill.

A 96m² unit in the Coldstream Office Park in Little Falls Roodepoort was sold and confirmed from the floor for R900000.