You may think that the fuel price has nothing to do with listing your property for sale in Boksburg, but this is certainly not the case.
While it is not really a direct impact, the slowing of house prices coincides with the increase of petrol prices, something that was evident in stats from Statistics South Africa and FNB.
According to Dr Andrew Golding, who is Pam Golding Property Group’s chief executive, the price of petrol changes the way many people work and live.
This is where the impact comes, as many people look for properties based on their lifestyle needs. Right now, many people are searching for property options that suit a work, live, play lifestyle. This has seen increased demand for multi-use developments, as it not only lowers monthly travel costs but also allows for more free time.
Other buyers will look at property that is found on key transport corridors. Business travellers may be keen to be closer to airports for regular travel, while others look for road or rail transport options as this can also decrease travel costs.
Developers have started to play into these needs, but technology is also helping to change things. The rise of electric cars around the world could make a major impact in years to come.
South Africa is not yet fully equipped to offer electric cars as a viable option for the larger majority, with the likes of the Nissan Leaf and BMW i series being fairly costly options. However, in years to come, this could ease the pressure felt by fuel price increases.
This may come as little comfort with another rise set for September 2018, but it is good to know that today’s problem may not be a problem at all in the future.
