Bright sparks in tough property market

Looking at property for sale in Centurion may not be at the top of the list for many people in the current market, but despite tough conditions, there are actually some positive factors in the property market.

This year is proving to be a tough one financially, especially after the South African economy went into a technical recession, which happens when there are two quarters reflecting negative growth.

The difficulties have been further amplified by a number of other factors. This includes the threat of global trade ware, as well as skyrocketing oil prices and a Rand that has suffered.

Dr Andrew Golding, who is the chief executive for Pam Golding Property Group, says that although there is not expected to be drastic change for the remainder of the year, as well as slow progress in 2019, the housing market is still showing resilience.

He also discusses the fact that youngsters are keen to get into the market, while the financial sector is also hungry for extending mortgages.

Another factor that will determine performance at present is location. Golding explains this by saying, “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.”

There was also a rebound of sorts in the Gauteng and KwaZulu-Natal property markets. The East Rand in Gauteng was the most notable, showing the strongest change of the three metro areas in the province since the middle of 2017.