Plots and land for sale in Gauteng are simply increasing in price year after year. Many people have been unable to afford a new property and are scanning the market for cheap real estate to buy. The recession has meant that many other people have had their homes repossessed because of lack of payment. This means that these properties are sold at property auctions where bank repossessions are some of the cheapest residential property you can buy. So keep an eye out and an ear open at your local estate agents to hear if they have anything for sale that might be auctioned.
The reason many plots and land for sale in Gauteng are so expensive is because of their proximity to the city centre, or northern suburbs of Johannesburg. The city is huge and many people have to travel a great distance to get to work. Thus, people want their real estate to be in an area that is nice to come home to after a long day at work. Estate agents work day and night to secure high prices for the seller, whilst allowing the property to remain affordable for the buyer. Yet, the best way for this to happen is for bank repossessions to be sold at property auctions where the interests are only in recouping costs rather than making huge profits.
The thing to remember about property auctions is that although the property may be cheap, it may also have a number of problems with it. Houses are sold at auctions as they are, which means that if they fall apart the next day, it is not the bank or the auctioneer’s fault or problem. Poor drainage, or lack of development potential are two of the most common issues. As long as you represented yourself at the auction, you’ll be responsible for the costs and repairs to plots and land for sale in Gauteng.