Gauteng property market’s road to recovery

The political storm which took hold of the country towards the end of 2017 appears to have abated and the sun begins to shine over the hopeful Gauteng property market. New data shows how the investment people have made in their homes may soon start to pay off once more as the economy takes a positive turn for the first time in several years. The evidence shows that first time home buyers are responsible for kicking off the revitalisation as they seek to make their mark.

Although many Pam Golding Properties (PGP) agents experienced slower activity in the fourth quarter of 2017, the majority (51.5%) anticipated a strengthening in activity in the first quarter of 2018, according to the latest PGP Estate Agent Survey. In Q4 2017, 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%).

According to The Lightstone Group, a prominent real estate investment company, first-time buyers remain a key factor in Gauteng and recent political developments should benefit the Gauteng market because over the past 12 years, half of all first-time buyers bought property in Gauteng – not only because of more plentiful job opportunities but also because homes are generally more affordable compared to the Western Cape.

This makes buying property in Brakpan one of a series of popular options as more entry level housing areas are available in the province than elsewhere, and local development often sees value added to initial investments. “ Where Cape Town has become a less attractive option in recent months due to high entry level prices due to limited available and an intense draught making investors weary, Johannesburg is picking up the Mother City’s slack with lower prices and more work in the vicinity.

All in all, it’s a good time to buy your dream home.