The East Rand remains one of the strongest performers in the property market in South Africa, despite tough times, so if you are considering property for sale in Brakpan, it may be a smart move.
The economy in South Africa is not particularly at a high point, especially after moving into a technical recession, occurring after two consecutive quarters where the economy suffered negative growth. This is just the tip of the iceberg though, with rising oil prices (reflected in the astronomical petrol price increases) as well as the potential of a global trade war looming and the Rand dipping in terms of strength.
However, the housing market is still showing signs of resilience though, and this is according to Dr Andrew Golding, who is the chief executive for the Pam Golding Property group. He admits that there is not expected to be any significant changes for the rest of 2018, and it will take time for the predicted growth in 2019 to have an impact on the market.
Looking at things overall though, he pointed out that the younger generation is showing a real hunger to invest into the property market, while the financial sector is also keen to extend mortgages, which bodes well for the market as a whole.
The one factor that determines success of the market in an area at present is location. Explaining this further, he added, “There will still be areas that continue to outperform – areas that are fulfilling a particular demand. Examples which come to mind are suburbs which offer an alternative to congestion, a flourishing business hub and easy access to good schools, for example Claremont in Cape Town or Durban North and Umhlanga in KwaZulu-Natal. Or areas which offer access to good schools and work, but better value-for-money property.”
In terms of performance, there was a rebound in the market both in Gauteng and the coastal province of KwaZulu-Natal. One of the standout performers was the East Rand in Gauteng, which enjoyed more growth than the other two metros in the province.
So despite all of the doom and gloom, it may be worthwhile to continue your hunt for property for sale in Brakpan.
