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MyMoney Online

Buy hugely discounted properties (up to 70% off) on auction right now

11 January 2021 7:23 PM

Distressed properties on auction are going for a song. Bruce Whitfield interviews property economist Francois Viruly.

RELATED: (PICS) Clifton flat goes on sale for R170 million


An unprecedented number of distressed properties will go on auction in the coming few months as the economic recovery buckles under the pressure of a spiralling second wave of Covid-19.

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Right now, some properties on auction are going for discounts of up to 70%, according to Business Insider South Africa, while buyers can expect an average markdown of 42%.


RELATED: We watched 33 distressed properties auctioned in Gauteng and saw an average 42% discount – Business Insider South Africa


The Money Show’s Bruce Whitfield interviewed Francois Viruly, a property economist at the University of Cape Town (UCT).

We’re starting to see discounts…

Francois Viruly, property economist - University of Cape Town

We’re probably looking at a difference of between 11% to 12%... But there is enormous variation…

Francois Viruly, property economist - University of Cape Town

At the lower end, prices are increasing while at the top-end it’s the opposite…

Francois Viruly, property economist - University of Cape Town

Small businesses have come under pressure and need to sell just to remain afloat…

Francois Viruly, property economist - University of Cape Town

Private cemetery business… significant growth… your tenants are fairly quiet… Yes, it is a business! … We do have them in South Africa… Returns are actually very good!

Francois Viruly, property economist - University of Cape Town

Listen to the interview in the audio below.


11 January 2021 7:23 PM

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