Confidence is what our economy needs
The fact that household finances have had to adjust to the reduced disposable income has dented consumer confidence according to Dr Andrew Golding, chief executive of the Pam Golding Property group. And what South Africa’s economy needs is a boost of confidence.
With people’s disposable income under pressure and the ongoing socio-political concerns, what South Africa’s economy needs is a boost of confidence, says Dr Andrew Golding, chief executive of the Pam Golding Property group.
Property market in Gauteng
Dr Golding says what’s encouraging is the fact that the property market in the economic powerhouse of Gauteng seems to be recovering, particularly in the North and in Pretoria. “In the Johannesburg and Pretoria metros we are seeing an upward trend in sales across all price bands and even experiencing stock shortages in high demand areas. It is likely that the appeal the area holds for first-time buyers, namely affordability and the development of mixed-use properties, is ideally suited to the lifestyle of young professionals,” he says.
As a trend multigenerational living is forecast to gain more momentum in order to lessen the burden of ever-increasing rates, taxes and municipal costs of water and electricity. Alternate forms of energy and water conservation and recycling have already become key imperative for new and existing homeowners. “As in all market cycles there are always opportunities which arise and we are seeing increasing innovations in building homes, from water saving features and alternative forms of power such as solar to container homes and now even 3D printing of houses for sale”, Dr Golding says.
“We expect the effect of the fuel price increases to further impact on consumers’ desire to reduce commutes and live as close to the workplace as possible, and with increasingly sophisticated digital technology and many employers offering flexible working hours, increasingly work from home”, adds Dr Golding.
