Following the widespread success and high confirmation rate of our July multiple auction event in Durban, the selection of quality lots which will be offered during the upcoming August multiple auction event to be held on Tuesday at 11am at the Oyster Box Hotel, is anticipated to achieve superior results.
We are currently entering into a more vibrant stage of the market than we have had in the last two years, and with a substantial uptick in demand for good income generating properties, auctions are very active at the moment.
An increasing number of cash buyers are being seen at auctions, and that the prices being produced on KZN auction floors have become increasingly market related, with the gap between buyer and seller expectancy drawing closer.
During August, a total of 26 properties will be going on offer on our KZN auction floor, of which 22 are commercial and 4 are platinum residential. A few of the key commercial properties on offer include, a semi complete office development in Hillcrest, a fully serviced light industrial site in Southgate industrial park, prestigious retail showrooms and customer service offices in Umhlanga Ridge, a suburban retail opportunity in Kuleka, A Grade office space in La Lucia Ridge, a budget lodge in the CBD and two sugar farms, 574 ha and 140ha respectively, in Darnall.
On the platinum property side, a semi-detached 4 bedroom home in Ballito, boasting views of the Zimbali golf course and beautiful sea views, as well as a multi-storey home on the Ridge in Durban North, will be amongst the offerings. An up-market 3 bedroom home on the Umhlali golf course and a prominently positioned 5 bedroom La Lucia home, within walking distance of the beach, are also scheduled to hit the auction floor.
Emerging trends which have been identified in the KZN property market include a significant uptick in investor demand for office to residential conversion properties in the CBD. Investors are after a good deal, particularly if there is upside and they are able to maximise profit, asserts Miller. Another strong node which has been identified is the harbour basin area, where demand for industrial warehousing by the end user is particularly strong.
The auction mechanism is currently offering investors with a means to acquire properties at competitive prices, and as such, the KZN auction events held in recent months, have been characterised by strong attendance levels, positive investor sentiment and a large appetite for good deals.
Notable sales concluded by Auction Alliance Durban include, Taxi City Shopping Centre in Newcastle which fetched R32 m, a 4 bedroom Zimbali home for R9.46 m, an entire CBD block for R18.93 million, a block of flats in the Durban CBD for R13.36 m, an industrial building in Pascoe Road for R10.49 m, an office development site in Somerset Park for R9.25m and a coastal mansion for R6.68m.