If you’ve been considering property for sale in Gauteng there may not be a better time to get into the market than right now. While the property market in the country has been declining due to political instability and failing foreign investment, the rise of the Ramaphosa government appears to have had the effect many experts anticipated – a revival of confidence.
Towards the end of 2017, Pam Golding Properties (PGP) agents identified the 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 change in government, however, it appears that much of the landscape has changed.
Rupert Finnemore, PGP Gauteng Regional Executive, 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.
Statistics show that first-time home buyers are a significant force in the current market as it begins to recover. According to data published by Ooba, “nearly 55% of the mortgages extended were made to first-time buyers”. While first time buyers are a boon to the local property market they are certainly not the only buyers out there. With the area’s moves towards recovery more experienced home buyers are recognising that a purchase now, during the recovery period, may pay off once property values have returned fully to normal.
Whatever the case, if you’ve been holding out on your next purchase for a sign of stabilisation then the iron, as it were, appears to be hot.
