BUSINESS OF PROPERTY

ONLINE TRADING SEES 411 BIDS

THE FIRST DAY of trading on South Africa’s first online property trading platform saw 411 bids placed on 31 properties over only six hours, BidX1 South Africa property sales chief executive MC du Toit said yesterday. One of the residential properties on sale attracted 103 bids, resulting in fierce competition among bidders and finally achieving R3.19 million – which was R1.2m more than the starting bid. The property had also been on the market for some time and the offer had far exceeded any previous offer received, showing the efficacy of the platform, said Du Toit. The first auction was held on April 10. “The response to our first auction… significantly exceeded our expectations, particularly given that this is a new concept and platform for property trading in South Africa. Bidding was brisk and went smoothly from start to finish,” he said. “We even had a registered German bidder who was online while on holiday on a cruise ship.” He said in just two months their new website welcomed 236 000 visitors, who spent on average more than three minutes browsing. The property which drew 103 bids was a double-storey, four-bedroom, family home with double garage in Melkbosstrand in the Western Cape, situated within walking distance of the beach, while several other properties in various locations around the country also exceeded price expectations on the day. “During the auction, while we had plenty of investors – we saw bidders across the board, buying for both investment and personal use. Interest was also broad-spread in various regions around the country,” he said. |