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Coronavirus did not spoil success of KZN auction

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Despite the Covid-19 outbreak, leading KZN auction house In2assets staged a successful multiple property auction in Durban on March 17, attracting bid prices in excess of R100million for 11 properties.

Managing director Hein Hattingh says the auction house was “overwhelmed with the positivity at the auction”, attended by 97 people, just two days after the restrictions announced by President Cyril Ramaphosa.

“Fierce bidding was experienced with the highlight of the auction being residential development land at La Lucia Ridge achieving a gross price of over R20million and a residential block in Morningside, Durban, sold and confirmed on the floor for R16.4m.

“We are delighted with the outcome of the auction in these difficult economic times, fuelled by the fear and threat of Covid-19.

“Our auction was most encouraging for the future and showed that many investors still prefer good local property as the preferred and safe investment option,” Hattingh adds.

* In2assets has decided that its April 15 multi-property auction will be held online only. The company will provide further details in due course.

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