Learning a property lesson from the Atlantic Seaboard

If you are considering listing your property for sale in Vereeniging, then before suffering the bumps and bruises that come with the current financial climate, look to the Western Cape for some guidance.

2018 has been tough on the pockets of almost everyone in South Africa. There have been constant petrol price increases, VAT was increased and now we have entered a technical recession, among many other factors.

This trickles into the property market, where both buyers and sellers are having a difficult time. Buyers are finding it more difficult to get finance, while sellers can spend months in the market without any real bites.

However, the Atlantic Seaboard in the Western Cape has begun a price correction phase and experts in the industry believe that this will bring about a positive swing. This market is one of the best in the country, with constant demand for its high quality properties. The area enjoyed four years of unbelievable growth before 2017 saw sales plummet along with growth prices.

“Although there have certainly been extenuating influential factors like the water crisis and political instability and the land expropriation issue certainly hasn’t stimulated the market, we mustn’t forget that the property industry always works in cycles. There are upswings and there are price correction phases and right now we are in the latter – it was inevitable, after such a growth period,” said Brendan Miller, Lew Geffen Sotheby’s International Realty CEO.

For months, experts have been discussing the importance of price in tough conditions, whether you are selling a property or renting it out, and this should serve as a good example for those looking to stay competitive in the current property market.