- Pam Golding has launched an online auction division, which will auction its first 16 properties this month.
- According to the group, properties on the auction site will be “priced to sell on the day”.
- All bidders are vetted pre-auction and the sale is immediate, with no suspensive conditions, other than the seller’s acceptance.
- For more stories visit Business Insider South Africa.
The estate agency Pam Golding Property has launched an online property auction division.
Dr Andrew Golding, chief executive of the property group, says that there was a shift towards online buying and selling during lockdown, which looks set to continue post-Covid.
Pam Golding Auctions was launched to tap into this trend, and will auction its first 16 properties on the platform on October 22.
Golding says the properties on the auction site will be “priced to sell on the day”.
“For sellers, (the platform) means one can list and sell one’s property online at an exact point in time – at no additional cost and without any suspensive conditions, tantamount to a cash offer, and of course, still serviced by a Pam Golding Properties agent, with buyer viewings as per usual.”
“Furthermore, properties are priced to sell and therefore represent exceptional value, while they are also offered by committed sellers, who are very receptive to competitive offers.”
The platform offers anonymity for buyers, transactions are concluded immediately on the day, with a 2% buyer’s fee (payable by the buyer), plus a standard seller’s fee (payable by the seller). This compares favourably with the advertised industry average of 10%, says Pam Golding.
All the information is available online for each property, and offers can be made prior to auction, subject to seller acceptance.
All bidders are vetted pre-auction and the sale is immediate, with no suspensive conditions, other than the seller’s acceptance.
So far, the local residential property market has been surprisingly resilient – and busy - given the economic fallout of the pandemic.
Experts predicted that house prices could fall by up to 15% this year.
Instead, prices are climbing. The latest FNB House Price Index (HPI) shows annual house prices rose by 2.8% in the year to August, up from 1.8% in July.
READ | Surprise increase in house prices continues, with properties snapped up faster than pre-Covid
Surprisingly, the average time a home stays on the market before it is sold has shrunk to only 10 weeks and six days – from 13 weeks and four days in the first quarter of the year. The long-term average is 13 weeks and three days.
There has been an unexpectedly rapid recovery in market activity since the easing of lockdown restrictions, FNB said in a statement, with signs of “buyer exuberance” thanks to the lowest interest rates in 50 years, lower prices in some (mainly affluent) suburbs and lower transfer duties.
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