The Gauteng property market is set to experience an upturn throughout 2018 according to a survey completed by Pam Golding Properties (PGP) agents. Two of the biggest factors for this were pointed out as being the increase of first-time buyers being able to buy a property in Gauteng, as well as more affordable homes being available.
Sandra Gordon, PGP Research & Market Analyst explains, “The recent political transition is likely to herald a significantly more positive era for the local housing market and investors have responded favourably, with Goldman Sachs naming South Africa the emerging market story of 2018. Renewed confidence from both foreign and local investors has seen the Rand strengthen sharply while the country’s economic growth prospects have already started to improve.”
The areas that are likely to see the biggest growth, according to Rupert Finnemore, PGP Gauteng Regional Executive, include the greater Fourways, Bryanston and Randburg areas, as well as the more central Parks area. The Parks includes Parkwood, Parktown North, Parkview and Parkhurst.
He added that “Compared to other areas in northern Johannesburg, Fourways is very established with many affordable homes. The recent developments, both residential and commercial make it a desirable area to buy into.” Regarding the Parks he continued, “Buyers are attracted to The Parks areas because there are a number of good schools within the area and it is close to major roads as well as amenities including shopping centres and hospitals.”
He went on to say that properties at the right price will always sell, regardless of price bracket. He did note that in certain areas the gap between asking and selling price can explain the oversupply in those markets. This is particularly true in Cape Town where space is limited and sellers can demand unreasonable prices for property.
