Property market sees signs of recovery in Gauteng
First time home buyers and seasoned professionals are taking a renewed interest in Gauteng province’s property market as the impact of the Ramaphosa effect takes hold. With outside investor confidence on the rise and local enthusiasm reviving, it’s a good time to own property in Gauteng
If you’ve been considering property for sale in Gauteng there may not be a better time to get into the market than right now. Data trending from the last quarter of 2017, which showed signs of a property recovery in the area, has persisted into 2018. The immediate effect is a flurry of interest in the province as first time buyers examine the wide range of entry level choices and more experienced home owners seek to capitalise on recovering property values.
Towards the end of 2017, Pam Golding Properties (PGP) agents identified the political uncertainty (26.9%) and tough economy (27.4%) as the key obstacles to activity in their areas along with lack of affordability (18.4%), difficult accessing finance (13.8%) and shortage of stock (13.6%). With the change in government, however, it appears that much of the landscape has changed.
Rupert Finnemore, PGP Gauteng Regional Executive, noted several key areas within Gauteng which show some of the best growth potential, and are being targeted by savvy first time home owners. He stated that the greater Fourways, Bryanston and Randburg areas are all trending property investment areas and should remain so. The Parks area (Parkwood, Parktown North, Parkview and Parkhurst) are all maintaining buyer interest, in part due to the wide variety budgets that they cater to and the convenience of the amenities around the area.
“The sectional title market in Midrand is expanding rapidly with lots of new developments popping up to meet demand, especially in suburbs such as Noordwyk and Erand Gardens. Property here is affordable for young people and is also a great market for investors.” says Finnemore. With the variety of property opportunities in the province it becomes a matter of the early investors getting the proverbial worm. As the market recovers prices invariably rise, making entry difficult for younger buyers.
In short, if you’ve been waiting for just the right moment to purchase your next home then the signs are certainly implying that time is upon you.
