RE/MAX Panache report: 2011 best year ever

Property situated within the KwaZulu-Natal north coast suburbs of La Lucia and Durban North have shown consistent demand and consistent value growth, according to Grant Gavin, Broker/Owner of RE/MAX Panache which operates in these areas.

He bases this statement on the fact that RE/MAX Panache sales results and market share for last year were the best ever in the history of the company, which first opened its doors in 1996.

That is quite a statement, especially considering that market conditions were fairly flat during 2011, and even still, last year’s sales exceeded the previous best sales levels last seen in 2007, at the peak of the property cycle. Gavin says that this increase in demand and sales can partly be attributed to the fact that the North Durban suburbs comprise a very big selling area and right now, demand for homes in the these areas are very high.  These areas are conveniently situated close to the Umhlanga business district as well as the King Shaka International airport. They are also only five minutes away from the Umhlanga beaches and 5 to 10 minutes from Durban beaches.  “We are also noticing a lot of people moving down to Durban from Johannesburg which also probably has something to do with the expanding business areas in La Lucia and Gateway.”

Gavin says that last year, RE/MAX Panache achieved sales of R675 million which equates to an average of R56 million worth of sales each month.  During the height of the last property cycle in 2007, RE/MAX Panache recorded R575 million worth of sales, the same as recorded for 2010, which was not considered to be a great year for property all round.

Market share statistics for the period from December 2010 to November 2011, which were based on registered sales versus the suburb registrations as indicated by Lightstone, a property data and statistics provider, also painted a pretty picture.

RE/MAX Panache dominated in Glenashley, a suburb where the average property sells for R1,8 million, with an impressive 50% market share. In Durban North, where the average selling price of a home is around R2,3 million, and Umgeni Park where the average selling price is R1,4 million, RE/MAX Panache attained a 28% market share of all sales recorded in the suburbs by the deeds office. Other areas showing good market share results were La Lucia at 24%, Glen Anil & Glen Hills at 24% and Sunningdale 22%.

“Durban North is a dominant suburb for us,” says Gavin, “and nearly one in three sales in the area were concluded by us.  The fact that we have an office in central Durban North is definitely a contributing factor. The same could be said for Glenashley where we also have an office. In this area every second home sold during 2011 was sold by RE/MAX Panache.”

RE/MAX Panache currently has a team of over 55 highly qualified and professional agents, which is less than the number of agents they had operating in 2007. Despite this, the current team is exceeding 2007 sales levels.  “This proves that our company has retained a higher calibre of agent since the new education requirements kicked in, and these agents are more productive as a result,” says Gavin.

Gavin also notes that for the major suburbs that RE/MAX Panache sells in, the total sales figure for this period was R1,7 billion or R141 million per month in property transfers.  “Our combined market share for these suburbs was 26% which translates to more than one of every four homes is sold by RE/MAX Panache in the greater Durban North area.”

Adrian Goslett, CEO of RE/MAX of Southern Africa, congratulates RE/MAX Panache on its exceptional success, saying that this office is proof that achieving outstanding results is possible despite current market conditions if agents are professional, driven and diligent when it comes to providing extraordinary customer service.

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