Expert predictions for the Gauteng property market
Experts reveal their predictions for the property market in 2018. From politics, business confidence and stable interest rates, to the absorption rate of an area, there are a number of factors that experts predict will influence the market this year.
Property experts in Gauteng share their predictions and advice for the coming year.
According to Jacques du Toit, Property Analyst at Absa Home Loans, affordability will remain a key factor in determining how the property market performs this year. If interest rates and inflation remain stable, the price of houses continues to grow and consumer finances improve, the property market will look positive for 2018.
Steve van Wyk, Seeff’s managing director in Centurion, predicts that politics will be an important factor in the performance of the property market. He predicts that it will do very well now that Cyril Ramaphosa has been elected head of the ANC, as this election will improve market confidence.
Charles Vining, Seeff’s managing director in Sandton, agrees that South Africa’s political situation will have a big impact on the market. “We currently find ourselves in quite a flat market, but we expect the market to bounce back steadily in 2018. It may be an incremental increase in buyer confidence, but we predict that it will improve with each passing month.”
Chris Hajec, Seeff’s managing director in Randburg, says he predicts an improved year for the Randburg property market compared, but is cautious in his predictions. He advises that if the political situation continues on a positive path, consumer confidence should continue to increase. The market should then see more people taking interest purchasing property for sale in Gauteng.
Gerhard van der Linde, Seeff’s managing director in Pretoria East advises sellers in 2018 to fully understand the number of properties for sale in their area, as well how long it takes those homes to be sold. This is known as the absorption rate, and will help them price their property correctly. It has been proven that the longer a property stays on the market, the less attractive it becomes to buyers and could eventually result in a lower selling price.
