Gauteng Property Market Maintains its Appeal

The Gauteng residential property market continues to reflect and benefit from the province’s position as the financial, commercial and political centre of the country both from a relative affordability and activity point of view.

4 Bedroom House for sale in Lombardy, Pretoria

The latest FNB report on the Gauteng market shows strong activity, a better balanced market between supply and demand and good relative affordability.

Herschel Jawitz CEO of Jawitz Properties says that this is to be expected. “Gauteng is the financial centre of the country and the earning per-capita especially in the major cities, such as Johannesburg and Pretoria, reflect high earnings relative to the rest of the country. If cost of residential property is taken into consideration, relative to people’s income, property is not cheap but it definitely offers more value and is more affordable. Especially if property prices and salaries in Johannesburg are compared to those in Cape Town.

Jawitz believes that the commercial nature of the Johannesburg residential market is reflected in the statistics that shows property is selling in a shorter time period and that the difference between the original asking price and the final selling price continues to narrow.  This is also true of why the percentage of first-time buyers and people selling to upgrade is above the national average. It’s all about jobs and earning’s potential versus the sea and lifestyle. The residential market reflects the mindset of the province, commercially based and to a large degree behaves as such. 

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