No crisis of Confidence at The High Street Auction Co Event
Despite recent press coverage and negative sentiment surrounding the auction industry, the local market's appetite and confidence for buying through auction remains healthy, if The High St Auction Co’s last auction is anything to go by 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.