Promising outlook for Gauteng property market

If you’re the proud owner of your own piece of property in Gauteng then you may be feeling in a celebratory mood with the partial recovery of the housing industry, much of which appears centred on parts of Gauteng itself this year.

Towards the end of 2017, Pam Golding Properties  (PGP) agents identified political uncertainty (26.9%) and tough economy (27.4%) as the key obstacles to activity in their areas along with lack of affordability (18.4%), difficult accessing finance (13.8%) and shortage of stock (13.6%). With the rise of the Ramaphosa government, however, it appears that much of the landscape has changed.

Rupert Finnemore, PGP Gauteng Regional Executive, has noted several key areas within Gauteng which show some of the best growth potential, and are being targeted by savvy first time home owners. He stated that the greater Fourways, Bryanston and Randburg areas are all trending property investment areas and should remain so. The Parks area (Parkwood, Parktown North, Parkview and Parkhurst) are all maintaining buyer interest, in part due to the wide variety budgets that they cater to and the convenience of the amenities around the area.

Midrand is doing well with first time buyers with some homes starting at as little as R500 000. “The sectional title market in Midrand is expanding rapidly with lots of new developments popping up to meet demand, especially in suburbs such as Noordwyk and Erand Gardens. “Property here is affordable for young people and is also a great market for investors.” says Finnemore.

Prices in Cape Town, by comparison, continue to rise for smaller properties. This is, in part, due to the ocean and the mountain which limit the amount of available space for expansion in the area. The comparable shortage of available properties pushes the price ever higher, leaving Gauteng residents in a more flexible position.