Get property bargains before it’s too late
Negative sentiment could lead you to miss out on bargains when it comes to property for sale on the East Rand, according to experts in the industry. All of talk of the technical recession has some people on the fence, but industry leaders feel that a turnaround in the market could happen soon.
If you were planning on finding property for sale on the East Rand as an investment, experts in the industry are recommending that you ignore negative sentiment at present and get the bargains before they are gone.
In September, the announcement of a technical recession sent some people into a panic. The year had already had some notable negative moments, such as the VAT increase as well as the constant petrol price hikes. But Berry Everitt, who is the CEO of Chas Everitt International Property Group, says that the recent stats provided by Statistics SA need to be looked at with a calm mind.
The report showcased that the South African economy had gone through two consecutive quarters with negative growth, but Everitt explains that the numbers do actually show that the economy is moving in the right direction, with a 0.7% decline in the second quarter as opposed to the large 2.6% decline in the first quarter.
And with that in mind, he believes that investors need to make the most of the current buyer’s market by finding solid investments at bargain prices while they still can.
“In property as in any other economic sector, following the crowd is a bad idea, because by the time general sentiment turns positive, prices will usually already be moving upwards quite rapidly and much of the opportunity to maximise gains will be lost,” he said.
There were also other positive factors that he mentioned, with the recent foreign investments secured by President Ramaphosa still to flow into the country, while there was notable growth in the financial, real estate and business sectors in the second quarter – sectors that account for 20% of the GDP in South Africa.
