Auction Properties in 2011 and Beyond

Rael Levitt, CEO of Auction Alliance, was outspoken on the subject of the property market in South Africa. In interviews given during 2011, Levitt outlined the issues facing the property market in South Africa, with emphasis on the prices of properties bought on auction. The amount of properties that come up for auction far outweigh the demand from properties, especially residential properties. In 2011 Auction Alliance commissioned research from 55 property marketers which revealed that enquiries from buyers dipped in the latter part of 2011.

Levitt noted that it would take a multi-facted approach before there was any improvement; the rate of employment, the ratio of debt to income and credit ratings being the most significant factors. With over 30% of all South African auction properties being sold through Auction Alliance, Rael Levitt spoke about the domestic strategies that would be needed before prices on the property market started to rise.

To read the entire article – http://www.sacommercialpropnews.co.za/south-africa-commercial-property-market/3676-auction-prices-dip-wider-market-to-follow.html