South Africa's BidX1's first bid ends in huge success

BidX1's online property trading platform attracted 103 bids in its first residential property sale, bringing strong competition among those looking to win the property, resulting in an impressive R3.19 million (approximately $221,000). The total was R1.2 million (approximately $146,000) more than the starting bid.

Further testament to the efficacy of BidX1 as a trading platform is the fact that this property had been on the market for some time and the offer achieved by far exceeds any previous offer received.

MC du Toit, CEO Property Sales for BidX1 South Africa says: “The response to our first auction held on 10 April (2019) significantly exceeded our expectations, particularly given that this is a new concept and platform for property trading in South Africa. Bidding was brisk and went smoothly from start to finish, with a total of 411 bids placed on 31 properties over a period of only six hours. It was also apparent that traditional auction bidders prefer our transparent, secure and totally online platform as it is extremely user-friendly and eliminates the need for travel to an actual auction event.

“In fact, we even had a registered German bidder who was online while on holiday on a cruise ship. This is true testament to our concept of ‘Everyone’s invited’.

“Notably, and compelling proof of market interest is the fact that in just two months our new website welcomed 236 000 visitors, who spent on average more than three minutes browsing. This exceeds industry norms by a significant margin.”

The property which drew 103 bids was a double-storey, four-bedroom, family home with double garage in Melkbosstrand in the Western Cape, situated within walking distance of the beach, while several other properties in various locations around the country also exceeded price expectations on the day.

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