Selected News Article

PROPERTY AUCTION DRAWS BIDDERS

A HALF BUILT DEVELOPMENT IN SOUTHBROOM WENT UNDER THE HAMMER FOR R5,7-MILLION!

Judging by the interest in the auction the property market looks set to turn around.

Many interested bidders attended the auction of an incomplete development in Southbroom on Saturday 16 January 2010. Auctioneer Ian Wyles from Ian Wyles Auctioneers conducted the proceedings.

The half built development in Outlook Road comprises six units. Measuring about 405 square metres, wetworks of three of the units have been completed on the upper level, with the remainder still at foundation level.

Bidding started slowly at R1-million but picked up and the property was eventually sold to Werner Duggan for R5,7 million.

'The sale generated a lot of interest and I was extremely pleased with the result,' said Mr. Wyles. 'We received a number of enquiries from people who were unable to attend on the day. Despite this, the event attracted 55 Registered bidders.'

He said he had conducted three auctions on the South Coast during December and January, all of which were well attended.

He believed this was a good indication the property market was improving.

09 Feb 2010 / South Coast Herald