Bankers’ return to Jo’burg homes market a good sign
When bankers start showing signs of investing more money in their own homes – either by selling and buying bigger and better, or by extending and upgrading – its time to sit up and take notice, says luxury homes specialist Ronald Ennik.
“In Gauteng, and particularly within the Johannesburg and Sandton economic hub, we are encountering an increasing number of senior banking executives seeking opportunities to buy upwards or extend – some with budgets of R10-million or more,” says the CEO of Ennik Estates.
“This contrasts with the past few years, when the banking executive community was notably absent from the residential property market.
“Always well-informed on market trends, and, therefore, closest to the fundamentals of property cycles, bankers are invariably an accurate early compass reading of where the residential sector is headed – simply by virtue of what they themselves are doing…or not doing,” says Ronald.
“Some observers may say the bankers now in the market are swimming against the tide. The reality is that, by the time homeowners as a whole discern an upturn, it is normally already some months down the track,” he concludes.
Ennik Estates is the exclusive affiliate in Gauteng of Christie’s International Real Estate, the US$100-billion sales a year global luxury property arm of the world’s largest and oldest fine art auction house.
The company was recently appointed to help market “The Houghton” – a R2-billion-plus luxury development which overlooks the Jack Nicklaus signature golf course in the upmarket Johannesburg suburb of Houghton.