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SAIA: 2014 Trends

SAIA: 2014 Trends

 
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SAIA: 2014 Trends
2014 auction trends to follow on from 2013

Although faced with many challenges in 2013, the South African auction industry experienced growth and contributed towards the economy. Auctions continue to be an effective method of selling and buying and in certain circumstances it has become the preferred means of property and movables transactions. The auction forum offers both buyer and seller convenient and definitive results. The South African Institute of Auctioneers (SAIA) identified the following trends in the auction industry with forecasts that it will continue into 2014.

Weakened economy can benefit auction industry

2013 was tough for South African consumers and the economy’s current-account deficit widened to 6.8% of GDP in the third quarter, the biggest shift in more than five years.

The rand took a continuous pounding against the dollar. E-tolling and rising fuel prices are continuous concerns to consumers.

In a weakened economy pressures tend to provide an abundance of unsold consumer goods and as a result sellers seek fast and efficient methods to liquidate assets. Auctions are one of the fastest methods to do so.

The auction industry tends to benefit from a weakened economic environment. Asset sale auctions are excluded from Section 55 and 56 of the Consumer Protection Act and are sold with no duty to repair or on an “as is where is” or “voetstoots” basis.

Sellers are not obliged to take assets back within the CPA’s set six month period, as long as the seller discloses any defects.

At the same time the urgency of sellers to sell goods creates the tangible opportunity for bargain hunters with capital to buy assets at competitive prices and in some cases, secure assets at well below market value. Demand is driven by consumers and ‘real-time’ value is discovered on the auction platform.

Online auctions

Awareness and trust in on-line auctions grew substantially in 2013. This trend is expected to continue in 2014 as more and more consumers gain access to the internet.

Real-time online auctions offer consumers the best of both worlds as it combines traditional auction sales methods with the innovative e-commerce technology.

The e-commerce and online auctions industry has experienced rapid growth since the beginning of the decade, outperforming substantial retail sectors.

As the internet becomes more widely available through smart phones and smart devices, consumers are more likely to purchase goods from online retailers and auctioneers.

Growth in this industry is also due to the convenience it offers to consumers who wish to purchase goods online. According to the auction industry report of www.ibisworld.com internet payment systems like PayPal have made buying online easier and more secure.

Online auctions broaden the horizon of prospective buyers attracting purchasers nationally and internationally.

Property auctions

Volatile economic conditions, migration from rural areas to cities and homeowners who are struggling to pay their bonds make property auctions a great way to buy properties.

The current property market favours the buyer. This makes it ideal for investors with capital to buy investment properties at reduced prices.

When it comes to property prices, especially with holiday homes, wine farms and investment properties international buyers may also be enticed by the weak rand and invest in South Africa. Auction houses should include these potential international buyers in their marketing and strategic campaigns.

Game auctions

The game ranching industry is currently experiencing a boom in South Africa, which is great news for the auction industry as well.

Game auctions are growing in popularity, with record prices being obtained.

Rare game sold on auction this year reached new heights and considerably exceeded expected thresholds. In September of this year a bidder paid R1,1 million for a Zambian sable bull, R575 000 for a roan antelope bull and  R345 000 for a black impala ewe.

South Africa leads the global fraternity of wildlife ranching and generates more than R7.7-billion in income each year, according to a Mail and Guardian report. The breeding of exotic species has become increasingly popular in recent years and, given the impressive return on investment, resulting in a buoyant trading environment.

Additional sources: mg.com, beeld.com, City Press

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