The ClareMart Auction Group hosted their monthly Multiple Property Auction at the Radisson Hotel, Granger Bay on Tuesday, April 30. The auction was well attended by more than 250 members of the public with many registering to have an opportunity to bid on properties across the Platinum Residential, Flash Residential and Commercial and Investment Property sectors. “Our Group is seeing a steady increase in buyer confidence regarding the auction mechanism as a property purchasing vehicle and the higher number of bidders attending these events indicates the interest and faith in the process by the public” says Auction Director, Mike Baigel.
The Commercial and Investment category of the portfolio saw a large number of properties sold, including an industrial unit in Montague Gardens which achieved an inclusive R6million. Other properties that attracted competitive bidding were commercial properties in the CBD and City Bowl as well as apartment blocks around the city.
“Although we are awaiting confirmations on many of the properties, what is interesting to note is that several bidders competed for opportunities that attracted interest prior to auction and which as a result of due diligences and interaction with the agents, were identified as potentially providing acceptable returns on investment. The properties created the greatest demand and competitiveness on the day” says Baigel.
The Flash Residential category of the portfolio also recorded a great amount of interest with numerous properties being bid on. “The Flash Auction seems to be gaining momentum as the prospecting ground for entry level residential property investors and there is always a strong demand for property that is under legal or financial instruction” says Baigel.
The Platinum Residential Portfolio continued to attract interest as well, with upmarket property in both rural and urban setting creating some fairly competitive bidding. “Our group has so far this year seen a definite increase in demand for luxury property in the coastal regions as well as rural environments and the Platinum Portfolio provided several opportunities for the premium residential property purchaser and we eagerly anticipate the May Multiple Auction in order to confirm our observations and trend forecasts” adds Baigel.
The ClareMart Auction will hold their next Multiple Property Auction at the Radisson Hotel on Wednesday, May 29 from 12:30. For information contact 021 425 88 22 or visit www.claremart.co.za