\u201cThe property market was off to a slow start in the beginning of the year building up to the elections.<\/p>\n
\u201cThereafter, activity slowly picked up within the property market.<\/p>
\u201cThe RE\/MAX National Housing Report reflected that the number of transfers (both bonded and un-bonded) recorded at the deeds office between April and June increased by 6 per cent YoY, and by 17 per cent YoY for Q3.<\/p>\n
\u201cIt is not uncommon for market activity to pick up following an election period.<\/p>\n
\u201cGiven that the elections were held in May, the increase in transactions over the July-September period might be the result of restored confidence in the newly elected government,\u201d he explained.<\/p>\n
What\u2019s more, when looking at RE\/MAX in isolation, Goslett said that the group has placed a considerable amount of effort on securing seller mandates in 2019, which has led to a greater pool of well-priced stock.<\/p>\n
\u201cWhat naturally flows from this is a higher propensity of leads and in turn, sales.<\/p>\n
\u201cWe are fortunate that while the market has not grown significantly this year, we have managed to grow our sales at a rate that outpaces inflation,\u201d he explained.<\/p>\n
<\/p>\n
ALSO READ:<\/span><\/p>\n Selling a vacant home<\/a><\/p>\n Five tips for moving into an upstairs apartment<\/a><\/p>\n \n However, there were (and still are) several concerns for the property market, most notably the threat of ongoing power cuts, poor foreign investor outlook and slow economic growth.<\/p>\n The ongoing fiscal concerns around Eskom and SAA has put the country\u2019s economy on somewhat shaky grounds.<\/p>\n Moody\u2019s downgrade of our investment status from \u2018stable\u2019 to \u2018negative\u2019 was a further knock to investor confidence within the local market.<\/p>\n Despite these threats, the property market continues to reflect nominal house price growth that is more or less in line with inflation, with the Standard Bank House Price Index ticking up to 4.0 per cent y\/y in October.<\/p>\n \u201cI remain confident in the local property market and believe that we are near the bottom of a downward cycle that is poised to start a long-term corrective journey as we head into 2020,\u201d he predicted.<\/p>\n Goslett based these predictions in part to a few highlights that occurred during the year.<\/p>\n \u201cThe interest rate cut in July was a big highlight, as it holds the potential to increase market activity and drive up prices.<\/p>\n \u201cThe Rugby World Cup win was another highlight for the nation as a whole.<\/p>\n \u201cA victory such as this can work towards restoring confidence in the local market and attract the attention of foreign investors.<\/p>\n \u201cI am hopeful to see what this win will do for the local market going forward,\u201d he said.<\/p>\n \u201cThe fact that the NPA has started to act against corrupt individuals will also give confidence that stability and ethical practices are being actively pursued which in turn provides investor confidence.\u201d<\/p>\n In terms of trends that have emerged, Goslett explained that there has been a continued move towards smaller properties in secure\/safe environments.<\/p>\n Larger homes are also taking considerably longer to sell than in the past.<\/p>\n He predicted that these trends will continue into 2020.<\/p>\n \u201cLastly, I predict that, provided no further threats to our economic growth occur during the year ahead, the local property market will remain more or less stable in 2020, reflecting marginally higher rates of house price growth and higher numbers of transactions.<\/p>\n \u201cI believe the luxury market will continue to feel the pinch within this tight economy and the majority of transactions will continue to fall within the affordable price ranges,\u201d Goslett said.<\/p>\n <\/p>\n Hav<\/strong>e a story?<\/strong><\/p>\n Contact the newsroom by emailing: Melissa Hart (Editor)\u00a0<\/span>germistoncitynews@caxton.co.za,<\/a>\u00a0<\/strong>Leigh Hodgson (News Editor)\u00a0<\/span>leighh@caxton.co.za\u00a0<\/a><\/strong>or Ashley Kiley (Journalist)\u00a0ashleyk@caxton.co.za.<\/a><\/strong><\/p>\n Also follow us on:<\/p>\n
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