select
|

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.


  Comment on this Article

  Please login to post comments

Post to my facebook wall
  
2000
Characters remaining


    Latest Property News
    • 22 Jan 2018
      Moving away from the city to a country or coastal town and a slower-paced life is a frequent new-year resolution for South Africans, but thorough research should be done before you break free from the hustle and bustle, because making the wrong move could turn out to be a very expensive mistake, and even more stressful for you and your family than staying in the “big smoke”.
    • 22 Jan 2018
      Cape Town is home to many breathtaking and historic homes, but House Invermark designed in 1969 by South African architect Gilbert Colyn, with inspiration from two modernist icons: the Glass House by Phillip Johnson and Farnsworth House by Ludwig Mies van der Rohe is in a class of its own.
    • 22 Jan 2018
      2017 was a challenging year for the South African property market in general, despite small pockets of thriving activity in areas like the Western Cape. As we head into 2018, Tony Clarke, Managing Director of the Rawson Property Group, casts his eye forward to property trends and market influences that could make their impact felt in the New Year.
    • 19 Jan 2018
      Extending from Randfontein in the west to Roodepoort in the east and including the towns of Krugersdorp and Magaliesburg, the West Rand has a plethora of property available to residents who choose to make this unique area their home.
    • 19 Jan 2018
      When it comes to financial planning, doing the work to ensure you’re prepared for unexpected emergencies is just as important as ticking off your other goals and New Year’s resolutions. The beginning of the year is also the perfect time to review your various insurance policies.
    • 19 Jan 2018
      No surprises at the first Monetary Policy Committee of 2018, as Reserve Bank Governor, Lesetja Kganyago, announced that the interest rates would stay at their current levels.
    • 18 Jan 2018
      The Southern Suburbs make up some of the most popular residential areas in Cape Town, comprising charming groups of suburbs which lie to the south-east of the slopes of Table Mountain. It is seen as the city's most expensive residential neighbourhoods with a choice of various private schools, upmarket eateries, wine estates, beautiful homes and trendy apartments.
    • 18 Jan 2018
      New year, new goals! If you’ve resolved to purchase your first property in 2018, then this 6-step guide from the Rawson Property Group is a must-read. It will help you navigate and simplify what is often be seen as a confusing process of buying your first home – right from the house-hunt to the house-warming.
        
    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