Pockets within Johannesburg residential property market performing well

While consumers in Johannesburg may well have faced a number of economic challenges throughout 2013, there are pockets within the residential property market that are performing strongly. 

This is according to Pam Golding Properties (PGP) Hyde Park joint area manager Jonathan Davies.

Davies says that PGP's Hyde Park office has achieved a turnover of more than R430 million in the second quarter of the year. "We are selling approximately 40 units per month at an average price of around R3 million. These figures are an indication of how certain areas of the property market in Johannesburg and its northern suburbs have continued to perform despite sluggish economic conditions," he observes.

?4 Bedroom House for sale in Houghton Estate

"Homes in the R1 million to R4 million price band that are perceived to offer good value are selling particularly well in areas of high demand," indicates Davies. "Security and access to amenities remain an important consideration and homes within well located developments and security estates continue to perform well."

PGP Hyde Park joint area manager Rupert Finnemore adds that the office is also experiencing a substantial demand for homes in the higher segment of the residential market. In the second quarter of 2013, PGP Hyde Park sold 26  properties, all priced above R5 million. Two agents from the office sold no fewer than seven properties valued at R63.5 million in total.

?5 Bedroom House for sale in Hyde Park

"PGP Hyde Park has been seeing a steady rise in interest in this higher segment of the market, particularly over the past eight months," observes Finnemore. "During economic slumps, sellers in the top end of the market are often in a position to hold on to their properties until the market recovers and they can then obtain prices closer to their expectations of the market-related value of their property."

"There are a number of cash-rich individuals who have bided their time in order to take advantage of some excellent opportunities and also an increasing number of property owners who have been contemplating selling and are now taking their properties to market."

However, Finnemore says that there is more to PGP's excellent performance in recent months. "PGP Hyde Park has grown its market share steadily throughout the year. This demonstrates that in tight economic times people are turning to a trusted real estate partner to assist them with buying and selling their property, which for most people is the largest investment they are going to make in their lives."

?4 Bedroom House for sale in Atholl

Both Davies and Finnemore believe that the considerable knowledge and experience of estate agents in the PGP Hyde Park office put them in good stead when it comes to serving the property market.

"The average length of service for our top agents at PGP Hyde Park is between eight and 12 years," says Davies. "These agents have achieved and maintained a consistently high level of excellent service and adhered to the strictest principles of ethical conduct.

Our agents form long-term relationships with all our clients, assisting entire generations of families in their property requirements through various economic and life cycles," he concludes.

Among PGP Hyde Park's substantial portfolio are residential properties in Hyde Park, Sandton, Rosebank, Bryanston, Johannesburg CBD, Parktown, Parkhurst, Parkwood, Westcliff, Houghton and Melrose Arch. The office covers a vast area and, according to Davies, trends here are often considered to be a good indicator for the overall property market in Johannesburg.

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