Auctions can unwrap a real value.

Posted On Monday, 03 March 2003 02:00 Published by eProp Commercial Property News
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Auction sales of commercial and industrial property in Gauteng are following international trends, according to Auction Alliance Chief Executive Rael Levitt.

Rael Levitt"Local sellers are increasingly using auctions as an accelerated method of effectively realising true market value," he says.Levitt says the widely-known Australian auction model has set an international benchmark for commercial property sales, and auctions are also widely used by institutional and private sellers in the United Kingdom, the US and Germany.

"The days of auctions being regarded as a last, desperate sale attempt by liquidators and financial institutions are long gone. "The auction press pages in Gauteng reflect the increasing number of non forced industrial and commercial sales.

In the Cape, the residential property market has embraced auctions as the best method to dispose of upmarket real estate, but here in Gauteng it is the commercial market which is leading the auction trend."

Auction Alliance recently sold commercial and industrial properties in Midrand, the East Rand, the West Rand and in Sandton's over-traded office building market.

"Two weeks ago we sold a commercial factory in Germiston for R750 000 by auction. This property had stood empty for two years but the auction lifted the property back in the public eye and within a
fortnight it was sold for a price higher than asked for over 26 months," said Levitt.

Auction Alliance will be selling 12 commercial and industrial properties over the next month.

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