A 94-foot industrial chimney in Dublin, which generates income by accommodating mobile phone masts, is one of the most unusual properties auctioned during the past year by BidX1, the UK-based digital auction house which has now launched in South Africa.

Founder and CEO Stephen McCarthy, believes the launch will be a game-changer for the local property auction industry.

“The process is so simple, enabling anyone to buy or sell property on auction in a secure and transparent manner, and at a market-related price.

“While BidX1 was only established in 2011, although not called that at the time, it has already sold over 7 000 property assets raising over EUR 1,4-billion and is the second largest commercial and residential auction house in Britain and Ireland. Apart from South Africa, we are rapidly expanding our footprint globally, including southern and central Europe, with a recently opened office in Cyprus and then Spain coming on stream this year (2019).”

McCarthy says it makes sense that digital appeals to the auction market. “Digital disruption has taken the world by storm, no less so here in South Africa, where the property industry lends itself to on-line auction bidding. Globally, we are already seeing that approximately 42% of our transactions are being conducted via handheld devices, and over vast geographical areas, which is incredible.

“Coupled with this, many of our transactions are concluded by repeat buyers and sellers, enabling us to build up a massive database. A key contributor to our success is that we have developed our own bespoke technology, designed by property experts and adapted after each auction.

“A good example of the power of the digital platform was illustrated in March last year (2018), when Ireland came to a standstill due to extreme weather conditions,” he adds. “This placed no dampener on our two-day on-line auction held in the midst of the country’s worst storm in 30 years, when we sold over 210 properties.

“There is an appetite for such change from consumers who have seen technology enhance so many other areas of their lives. This process is convenient, accessible and efficient, and is backed by a global company whose innovation and track record speaks volumes.”

In launching in South Africa – where

BidX1 is launching in South Africa in association with Pam Golding Properties, with auctioneer MC du Toit appointed as CEO: auctions and sales of BidX1 South Africa.

Says McCarthy: “Du Toit understands the local, traditional market very well, and with his experience and skill-set, has already transitioned into digital with ease.”

BidX1SA will offer a full spectrum of properties from residential to commercial, retail, industrial and agricultural property and investment portfolios.