Uncertainty in so many spheres in South Africa has left some feeling a little unsure, but if you are considering looking for property for sale right now; rest assured that there is stability in the market and also a positive outlook about the future.
It was recently revealed that the repo rate would remain unchanged, and this was expected by experts in the market. The decision was announced by the Monetary Policy Committee of the SA Reserve Bank in May.
Dr Andrew Golding, who is the chief executive of the Pam Golding property group, pointed out that growth prospects for the housing market are on the up, and said all that is needed is a steady hand from the Reserve Bank in regard to the repo rate.
He mentioned that the sales in the residential property market at Pam Golding Properties is stable, and they are seeing strong demand for properties that fall into the lower or middle markets (up to around R5 million).
One of the factors in this is the improved willingness from banks to approve home loans.
In some of the higher markets, there is moderate activity with many buyers opting to only transact when it comes to properties in sought-after locations.
It is important to keep in mind that realistic pricing has become even more essential at present, with buyers being a lot more aware and on the lookout for true value for money. Overpriced stock will end up sitting in the market.
There is a bigger demand at present for sectional title properties, and this is due to lifestyle and economic reasons for the most part.
Sandra Gordon, a senior research analyst at Pam Golding Properties, backed this up by pointing out that South Africa has a young, growing population that is still heading to the market, and the affordability of sectional title properties means that they are preferred by first-time buyers; so there is likely to be continued demand in this sector going forward.
The improved political and economic sentiments means that you can once again look at the property market with some confidence, and the time may be right for you to start browsing what is on offer.
