select
|

Increasing upper bracket action taking place in the property marketing sector

On-going reports in South Africa’s property media to the effect that upper middle and upper bracket housing is regaining its sought after status have been confirmed by the Rawson Property Group’s General Manager for Operations Support, Jonathan Douglas.

Figures recently released by Douglas indicate that the latest year-on-year Rawson Property Group turnover in the housing price brackets between R3 million and R4,5 million has increased very significantly, due to increased demand from private buyers as well as investors, with the latter group having grown the fastest.

The group’s turnover has risen noticeably in the following brackets:

- R3 million to R3,5 million – up by 30,3%
- R3,5 million to R4 million – up by 52,3%
- R4 million to R4,5 million – up by 62,2%

Douglas commented that, although his figures are an indication that the group’s declared aim of securing a bigger share of the upper middle and upper bracket markets is being realised, they also show that sales in the upper brackets are improving countrywide. This, he said, is particularly evident in the shorter times being taken to achieve sales in these brackets.

The Rawson Property Group’s figures have also indicated a decrease in the discount between the asking and achieved prices, which again seems to be a countrywide trend.

The Western Cape is leading the increase in the R3 million to R3,5 million and R4 million to R4,5 million brackets, while the group’s Northern Region (Gauteng, North West, Free State, Limpopo and Mpumalanga) is driving the growth in the R3,5 million to R4 million and the above R5 million brackets.

In the above R5 million category, added Douglas, there has also been a very big upswing in turnover – the Rawson figures show a 107,8% increase here.  Nevertheless, he said, it is still too early to claim that this figure is indicative of the market as a whole because the figures here tend to fluctuate very radically month-by-month.

Taking these figures into account along with the latest Monetary Policy Committee statement issued on interest rates and the current performance of South Africa’s economy and other macro-economic data, Douglas expects that the increases in house prices will probably slow from the growth levels experienced in the first seven months of this year, but will nevertheless continue.


  Comment on this Article

  Please login to post comments

Post to my facebook wall
  
2000
Characters remaining


    Latest Property News
    • 26 Apr 2018
      Banks are showing an increased appetite to lend according to first quarter (Q1 2018) property statistics recently released by ooba, South Africa’s leading home loan originator.
    • 26 Apr 2018
      Moving into a new home comes with such a long list of expenses that one often searches for ways to cut back on costs. Hiring a professional moving company is one of the first expenses that many buyers tend to try and work around, especially now that purse strings are even tighter owing to the VAT increase that took effect this month.
    • 26 Apr 2018
      Investors looking to buy a property offshore can potentially recoup their money faster through short-term rentals than traditional letting options, all the while earning income in a foreign currency.
    • 25 Apr 2018
      Whether you are a seasoned seller or new to the game, putting your home on the market is an exciting moment. To ensure you get the best possible outcome these 8 value adding additions to your home is worth the effort.
    • 25 Apr 2018
      After four years of unprecedented growth fuelled by semigration, the Southern suburbs market faced a number of challenges in 2017, including dwindling affordability and a marked slowing in house price growth with many sellers forced to lower their prices in order to secure a sale.
    • 25 Apr 2018
      Mall of Africa, is celebrating its second year of sensational success. This splendid super-regional shopping centre first opened on 28 April 2016, and has grown in popularity, performance and profile since then.
    • 25 Apr 2018
      While the role of trustee in a sectional title scheme is a voluntary and unpaid position, it is one that comes with huge responsibility. Trustees have a fiduciary duty towards their scheme, says Chinelle Hewit, Operations Manager at sectional title finance company Propell.
    • 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.
        
    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