Room at the top

But not everyone is running for cover. Industry veterans Ronald Ennik and Jan le Roux are using the downturn to grow Leapfrog Property Group’s market share in Gauteng, particularly in suburbs where luxury abodes would typically sell for anything from R5m to R50m.

Newly established Ennik Estates, a member of Leapfrog, has scored a major coup by bagging an affiliation with London-based Christie’s International Real Estate — only the second SA agency besides Western Cape-based Greeff Properties to do so.

Ennik says the new venture will be the only real estate player in Gauteng that focuses exclusively on the luxury housing market. Though established brands including the likes of Pam Golding Properties, Lew Geffen Sotheby’s International and Vered Estates also operate in the leafy suburbs, Ennik believes the needs of high net worth buyers and sellers are not yet serviced adequately. He says most estate agents will market properties in any price bracket — they generally can’t afford not to. “So the key differentiating factor between us and the competition is that we are not a one-shoe-fits-all operation.’’

Some believe that Gauteng’s big-ticket housing market is too small to sustain a niche, upper-end player. Ennik begs to differ. “Our research shows that close to R3bn in property sales priced above R5m were concluded in Gauteng in the 14 months to end-February 2011. That’s not insubstantial.’’

However, Ennik concedes the entry of a specialist agency would have been difficult without the backing of Leapfrog’s well-established referral network. “Key to our success will undoubtedly be the fact we have a two-brand strategy.’’

Besides, Ennik believes there is renewed appetite for trophy properties among wealthy buyers — local and international — looking to divert money away from volatile stock markets. New data from Absa seems to support Ennik’s view. The bank’s luxury house price index, which tracks sales priced between R3,5m and R12,8m, was up 2,5% in the second quarter of 2011 compared with growth of only 0,1% for the middle market.

  Comment on this Article

  Please login to post comments

Post to my facebook wall
Characters remaining

    Latest Property News
    • 19 Jun 2018
      In the current market, letting out a property can be a good option as rental demand remains strong, especially in the northern suburbs of Johannesburg. This is according to Chris Renecle, MD of Renprop. However he says that before homeowners let their property out, there are five key points they should make sure are covered before they market the property for rent and sign any lease agreements.
    • 19 Jun 2018
      The Capetonian dream is to live by the ocean with the iconic mountain making an appearance somewhere in the horizon. But, that dream comes with a hefty price tag that many simply cannot afford. But, should you venture some kilometres out of the city centre, entirely new realms of beachside bliss await you …
    • 19 Jun 2018
      Douw Steyn, one of the richest men in the country, recently allowed a rare glimpse into his Fourways Palazzo when it was featured on the SABC lifestyle programme Top Billing - and it is beyond your wildest dreams!
    • 18 Jun 2018
      Many home sellers are motivated to appoint estate agents because they know that the agency will carry the costs of advertising and marketing their property.
    • 18 Jun 2018
      When a property is sold when it has a tenant in occupation, the questions often raised are: “What happens to the tenant if the landlord sells the property?”, and what rights the tenant will have with regards to cancelling the lease or enforcing it, says Sunell Afrika, rentals manager for
    • 18 Jun 2018
      Sellers are often caught off-guard by the expenses incurred in the selling of a property. Just like there is no such thing as a free lunch, there is also no such thing as selling your property without incurring at least some costs.
    • 15 Jun 2018
      The second quarter of 2018 has proven to be the turning point for Midrand’s real estate market, especially the upper end which started to waver towards the end of a tumultuous 2017 with a notable drop in both sales and average selling prices.
    • 15 Jun 2018
      According to data recently released by FNB, the average age of a South African home buyer has increased from 38 to 44 this year. In an attempt to help first-time buyers enter the market sooner, Adrian Goslett, Regional Director and CEO of RE/MAX of Southern Africa, walks us through the steps of saving for your first home.
    Subscribe to the MyProperty Newsletter

    Last Name  
    Email Address  
    Email Frequency
    Share this Page

    For Sale Property
    Rental Property
    More Options
    Connect with us