Some good signs in property market
Whether you are looking at property for sale in Northcliff, or other parts of the country, the current economic climate may have you a little worried. We take a look at what the experts are saying about the current property market and what the outlook is going forward.
If you are looking at property for sale in Northcliff, but have some concerns about the current issues in South Africa’s economy, then it might ease your mind to know that the housing market has some positive outlooks.
Entering a technical recession, where the South African economy endured back-to-back quarters of negative growth, has put a number of people on edge. The problem is, this is not the only concern as oil prices continue to inflate while the Rand seems to be backed into the corner at present. It even stretches further on a global scale, with the real threat of a potential trade war.
All of this combines to create a pretty gloomy picture, however, experts have explained that the housing market, as it has shown in the past, can be quite resilient and there has even been some signs of rebounding in both KwaZulu-Natal and Gauteng.
Dr Andrew Golding, who is the chief executive at the Pam Golding Property Group, says that major changes are not expected over the course of the next year, as it will take time for the predicted growth in 2019 to really bed into the housing market. However, there is a strong will from younger consumers to invest into property at the moment, which is a positive sign.
He also looked at the factors that will allow for certain markets to perform, highlighting location as one of the main aspects. Detailing this further, he said, “There will still be areas that continue to outperform – areas that are fulfilling a particular demand. Examples which come to mind are suburbs which offer an alternative to congestion, a flourishing business hub and easy access to good schools, for example Claremont in Cape Town or Durban North and Umhlanga in KwaZulu-Natal. Or areas which offer access to good schools and work, but better value-for-money property.”
