Kleynhans says, “The High St Auction Co has had an exciting year to date with 4 successful auctions held since the start of the year. The mix of property that has come to the fore shows that the market is not only interested in good quality and well priced commercial and industrial stock ,but that there is a definite market of buyers out there who are looking to make savvy investments in the residential market.”

“In the residential auction market, there is still a surplus of stock and we have seen more sales that have a distressed element such as power of attorney sales, bank instructions and liquidations. As a result the buyers that are coming forward for these properties are ones that are looking for good value where they can maximise their investments on a long term basis.”

“There is a definite increase in the number of registered buyers that are attending our property auctions and as such we have seen a trend where confirmation rates are holding steady at these auctions in the region of 60% and higher.”

“This supports the fact that there is a change of perceptions as to what it means to buy and sell property on auction. Traditionally auctions have been known as the place to pick up bargains and buy deceased estates. Since entering the market we believe that we have played a role in demonstrating how auctions can be an effective way to buy and sell property in a shorter more effective period of time. We have also shown that quality properties can be found on auctions and it isn’t only about distressed sales.”

“This positive swing is further supported by the fact that banks are easing on their lending criteria and we are seeing more financing coming through as opposed to the same period last year. However, this being said it must be noted that banks are still cautious with their loan to value ratios and tend to back their established clients. Our buyers are more sophisticated, more discerning and more savvy. They do more research before making the purchase decision and the fact that financing has to be in place and secured upfront means that we deal with serious buyers.”

“Based on the positive nature of the first 6 months we are looking forward to continuing this success into the second half of the year and will monitor the market place with respect to issues such as increasing electricity tariffs and possible interest rate fluctuations in the coming months.”

The next High St Auction Co’s Auction event will take place on 27 July 2011 at Summer Place in Hyde Park at 12h00.

For more information on properties on auction on the day please contact The High St Auction Co on 011 684 2707 or visit the website at www.highstreetauctions.com