select
|

Pam Golding Properties optimistic regarding residential property market

The decision by the Monetary Policy Committee to keep the repo rate unchanged at five percent was anticipated by many market commentators. From a residential property market perspective, the historically low interest rate, which has remained relatively stable in recent years, serves as a confidence booster for home buyers, particularly those with mortgage bonds and who continue to feel the impact of rising energy, fuel and food costs.

Comments Dr Andrew Golding, CE of the Pam Golding Property group: “General market sentiment at the start of 2013 has improved, translating into an air of increased confidence in the residential property market - which in turn is generating increasing enquiries from mainly serious buyers. For the calendar year to date (January 2013) Pam Golding Properties (PGP) has experienced a noticeable increase in website enquiries compared with the same period last year, which is a further indicator of increased activity in the market, particularly as the first few weeks of January 2012 saw an exceptionally high rate of website enquiries.

“While consumers remain faced with cost pressures, the sustained low interest rates are certainly a factor in assisting both buyers and sellers adjust to the ‘new normal’ trading conditions in the property marketplace. As a result we are seeing a regularising in the marketplace, with more and more sellers being those who are doing so for reasons other than financial constraints - in other words normal movement or activity. In regard to buyers, those with cash or high equity are seeking and still in a favourable position to take up good buying opportunities which are available in a variety of locations and offer sound investment potential over the medium to longer term.

“Encouragingly we are seeing more and more first time buyers enter the marketplace, while developers continue to demonstrate growing confidence in launching new developments to cater for a pent-up demand for new-build units in good locations and at market-related prices. There also appears to be indications of increased interest from buy-to-let investors, and looking further afield we are also seeing rising interest from buyers from Africa and other international markets.
“The first quarter of the year is also a time when historically people may be relocating for a variety of reasons, including work or family requirements such as educational facilities, a change in lifestyle, upsizing to a larger home or downsizing as adult children have left the family home. From a price perspective the main interest experienced by Pam Golding Properties is in the price range up to around R6 million or R7 million, although sales upwards of R10 million are also being achieved. All in all Pam Golding Properties’ outlook for the year ahead is positive and we are optimistic,” concludes Dr Golding.


  Comment on this Article

  Please login to post comments

Post to my facebook wall
  
2000
Characters remaining


    Latest Property News
    • 24 Apr 2018
      The thing about the property ladder is that at some point in our lives we all have reason to want to climb a rung or two higher. Sometimes, it’s because we’ve outgrown our previous dream home, or because we want to be in a better neighbourhood that’s closer to work or to schools. Sometimes it’s because our circumstances have changed, and we’re taking care of elderly parents or relatives. Sometimes, it’s just because we want a property that reflects the financial status our hard work has won.
    • 20 Apr 2018
      Whenever changes in the political ecosystem of a traditional property market create uncertainty, smart investors begin to look elsewhere for new opportunities. Property experts at IP Global have analysed the trends and crunched the numbers to find new markets to explore in Europe and the United States.
    • 20 Apr 2018
      Energy and water self-sufficiency are increasingly important factors in home buyers’ choice of property – especially in Cape Town where the extreme drought of the past few years has made municipal supply costly as well as uncertain.
    • 19 Apr 2018
      During the last decade, rampant development has progressively transformed Cape Town’s property landscape with densification being the order of the day, but there are still one or two hidden gems like Scarborough which have retained their original character, offering an inimitable lifestyle and an attractive investment opportunity.
    • 19 Apr 2018
      The rental market is a cut-throat sector of the real estate market that waits for nobody. According to Adrian Goslett, Regional Director and CEO of RE/MAX of Southern Africa, first-time renters need to be fully prepared before they even start the process of looking for a place to rent in order to avoid the disappointment of losing out on their ideal property.
    • 19 Apr 2018
      Choosing to buy your first home instead of continuing to rent is a big decision that will usually take some time to put into action, but the sooner you can save up a sizeable deposit, the closer you will be to reaching your goal.
    • 18 Apr 2018
      Selling your home is no small task and as you will quickly find out, there are a lot of misconceptions about the process. Gerhard van der Linde, Seeff's MD in Pretoria East lists the top 5 misconceptions when you are selling your home.
    • 18 Apr 2018
      The Cape Town municipality is now installing water-management devices at properties that have been non-compliant with the new level 5 water restrictions and there are talks of fines between R5,000 and R10,000 for households that use too much water.
        
    X
    Subscribe to the MyProperty Newsletter

    Name  
    Last Name  
    Email Address  
    Email Frequency
    select
    X
    Share this Page

       
    For Sale Property
    Rental Property
    More Options
    About
    Connect with us
    FEEDBACK