From a global perspective auctions have for long been synonymous with the property market, however the local property industry has only really embraced this activity in the past few years. And now it is one of the fastest growing sections in our industry.
“The modern business environment has certainly played a major part in perpetuating the increased demand for auctions. We’re finding many consumers are becoming more accustomed to that style of purchase behaviour due to the rapid rise of local and international auction-based retail sites,” explains Harcourts South Africa CEO Richard Gray.
Rudo Kirsten, Auctioneer at Harcourts Midrand, admits that they’ve experienced an increase in queries from sellers regarding their auction options. “We are seeing quite a lot of new interested sellers and buyers entering the ever-expanding Midrand market.”
The advantage for many sellers and buyers is that auctions provide them with an opportunity to attain value, and that is often the priority, he says.
Midrand offers buyers a wide variety of property options, from beautiful first-time buyer apartments to large family homes, farms on the outskirts and great ROI commercial properties.
The other advantage of Midrand, he says, is that it is centrally located and very close to the Gautrain line which makes it convenient for anyone traveling in and around Gauteng.
Kirsten says convenience and time can often be a factor for a seller and a property auction, when implemented effectively and professionally, can be a great method to achieve a fair market value within an allocated time.
By restricting the time for the sale of a property, as is the case with auctions, there is a sense of urgency among interested buyers and often the agency will prioritise your auction property for the same reason.
“At Harcourts, we have developed world-class auction solutions that have been implemented by our global and local offices for many years. We have auction marketing down to a fine art and consider ourselves specialists in this field,” says Gray.
Gray adds that the trend will continue to increase and Harcourts predicts that auctions is going to be one of the primary selling and buying methods of property in Midrand in the coming years.