No 'crisis of confidence' for High Street

Posted On Monday, 16 April 2012 02:00 Published by eProp Commercial Property News
Rate this item
(0 votes)

Despite recent press coverage and negative sentiment surrounding the auction industry, the local market's appetite and confidence for buying through auction remains healthy

Property-Housing-ResidentialThat is if the recent The High St Auction Co’s auction is anything to go by and whereby 21 lots with a combined market value of R114 million went under the hammer on the day.

Joff van Reenen, Lead Auctioneer for The High St Auction Co comments, “Over 350 people attended the auction, with 70 registered bidders on the day. This robust demand and keen willingness to participate in the auction was a clear indication that there is no crisis of confidence.

The High St Auction Co is a young brand, but operating in a transparent and forthcoming manner, has resulted in confidence by both buyers and sellers. By not being bound by old school auction paradigms we have established ourselves as a market leader.”

Craig Mandim, a first time buyer on auction, echoed these sentiments, “This was the first property auction that I have attended and given the recent media reports on the auction industry I wasn’t sure what to expect.

I was awed by the overall experience and felt totally at ease with buying on auction. The entire process was handled professionally and I was given all the information I needed in order to make an informed decision and buy the property that I wanted.

I would certainly buy on auction in the future.” According to van Reenen, 12 lots totaling R59 million were sold on the day with an additional R22 million in pending deals.

“We fully expect to close this month’s auction at 71% of the total properties sold. Van Reenen concludes, “Our next auction event will be held on the 24th of May at Summer Place and we have a solid portfolio of properties that will go under the hammer on the day.

Last modified on Friday, 30 May 2014 16:51

Most Popular

Deeds Office reopening good news for sellers and buyers of property, as well as the property industry

May 01, 2020
Andrew Golding Golding Property Group
Deeds Office reopening good news for sellers and buyers of property, as well as the…

Wide-spread implications for South Africa’s real estate market following COVID-19

May 05, 2020
JLL_Logo
JLL, one of the world’s leading real estate investment and advisory firms, today released…

Deeds office reopen their doors to the public

May 09, 2020
Carlize Knoesen
The Department Agriculture, Land Reform and Rural Development has announced the reopening…

Relooking green buildings in the future of the covid-19 pandemic

May 01, 2020
Brett Chrystal
The Covid-19 lockdown has offered us an unexpected opportunity to reflect on our…

SA REIT appoints Joanne Solomon as its first CEO

May 05, 2020
Joanne Solomon new CEO SA REIT Association
With her wealth of financial and property sector experience, Joanne Solomon has been…

Please publish modules in offcanvas position.