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Politics, economy set to boost auctions

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Pieter Geldenhuys, chief executive of Bidders Choice, expects the call by economists for people to pay off their debts, coupled with the volatile world economy, will compel debtors to sell properties under market value.

Predicted neutral interest rates and an improved political environment with Cyril Ramaphosa leading South Africa, are expected to attract property investors and bargain hunters to auctions.

Pieter Geldenhuys, chief executive of Bidders Choice, expects the call by economists for people to pay off their debts, coupled with the volatile world economy, will compel debtors to sell properties under market value.

“Current market conditions are ideal for owners to sell properties on auction because the process is swift and transparent. Auctions are also the perfect platform for investors looking for bargain properties.

“Owners of upmarket residential property are downsizing and buying smaller lock-up-and-go properties, causing an oversupply of expensive houses. The result is decreased property values and insufficient demand, offering opportunity for investors to buy larger and more expensive properties at lower prices on auction.

“There is also an oversupply of business properties due to flexible working hours and staff working in mobile offices or from home.”

Geldenhuys believes these trends will continue.

“Property owners under pressure to sell will find selling on auction gives them a better price than any other sales platform.”

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