A few experts shared their expectations for the property market in 2019, and the following is what they had to say.
Berry Everitt, CEO of Chas Everitt International Property Group
Everitt said due to the fact that we now have a Finance Minister who is fully committed to containing government spending and lowering the national deficit, while it would probably take a long time for SA to go back to prosperity, there was a growing confidence that the nation is definitely on the right track, even among the ratings agencies such as Moody’s and S&P.
“Barring disaster, we are anticipating a surge in prices following the Election, which will mean that buyers have to earn more to afford the homes they want, take out bigger bonds and pay higher monthly instalments. In addition, they will have missed out on the substantial value growth that they would have gained by buying now, while prices are still relatively suppressed. Those who do buy houses now, on the other hand, will gain that post-Election jump in the value of their property, and enjoy the benefits of a smaller monthly bond repayment. In short, they stand to derive the maximum possible advantage out of the strong market recovery that we foresee taking place over the next four years,” Everitt said.
Gerhard Kotzé, MD of the RealNet estate agency group
According to Kotzé, several domestic market indicators are already progressive and the smartest buyers and investors have started buying, while prices are relatively negotiable.
“Billions of rands are also already in the pipeline to boost local business development and employment creation after this year’s Presidential summits, and we expect that these pledges will start to bear fruit very early in 2019,” he said.
