Proptech catches on: Competitive online bidding on BidX1's recent property auction

News > Market & Opinion - 30 Sep 2019

Once again, buyers capitalising on sound investment opportunities to acquire property on auction have taken to making their acquisitions online, with competitive bidding at BidX1 South Africa’s recent auction on 11 September (2019).

So says MC du Toit, CEO of BidX1 South Africa: “Such was the interest and exposure generated by our catalogue of properties that pre-auction, we had over 200 000 page views and over 100 000 unique visitors to our website.

“With a good selection of properties available for purchase, situated in major centres and areas around the country, bidding was brisk, with some lots achieving in excess of 20 bids.

“We also had some very happy sellers where we facilitated sales on properties that had previously sat on the market for a long time, which achieved prices on auction of up to 30% above reserve.”

‘Proptech’ catches on

“Lately we have seen that the market has taken to ‘proptech’ very positively, with more and more buyers and sellers now preferring this method of transacting. The general feeling, and justifiably so, is that it is a lot more transparent and at the same time far more convenient. We note that this trend is not only with us as the pioneers of these digital property transactions, but as others in the industry are following suit.”

Du Toit says the highlight of the recent auction was the sale of stylish four-bedroom, four-bathroom home set on a spacious stand of 1 982sqm in Serengeti Golf and Wildlife Estate in Kempton Park, which fetched just under R8 million. This property is situated only 10 minutes from OR Tambo International Airport in a conservation area teeming with buck and bird life, with a Jack Nicklaus signature golf course and private Curro school for pre-school to high school, as well as a clubhouse with bars and restaurants.

Other notable sales bids included R4 million respectively for a luxury six-bedroom, five-bathroom family home with swimming pool, tennis court, bar and entertainment area in Meyersdal, Alberton in Johannesburg South, and a four-bedroom house in Glenvista, also in Johannesburg South. Another property which achieved a good offer is a four bedroom, three bathroom house in a secure estate, Waterfall Village, in Midrand, which went for R4.2 million, as well as a home in Marloth Park, a wildlife sanctuary bordering the Kruger National Park, which sold for almost 30% above the opening bid, closing at R645 000.

Says du Toit: “Even though some buyers are still hesitant to act on very good property prices, there is a very positive underlying sentiment in regard to the property market and we get the feeling that buyers are realising that they have to act soon.

“Purchasers tend to wait until they believe the property market has bottomed out, but they may then wait too long and miss out on great opportunities. What we believe will occur in the near future is that savvy, motivated buyers will start acting on the current good buys that we are seeing in the market sooner rather than later, if not already.”

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