Property trends post Elections
Category News
Has the outcome of the recent elections and the appointment of Cyril Ramaphosa and his cabinet have a negative effect on the property market? What is the market looking like at the moment? Read more to find out...
Although the outcome of the elections contained no major shifts or surprises, the property market, in general, has reacted positively to the appointment of Cyril Ramaphosa and his new cabinet.
Pleasingly, show day attendances throughout the various provinces have shown a 25% increase.. Were people waiting on the results before they started looking to buy their new home or invest in the country?
In addition, we are receiving a significantly higher volume of enquiries into the very elite sectors of the residential property market from both local and international sources.
We have seen an influx of new first-time buyers, students and down-scaler buyers enter the market. This could be due to a drop in affordability but it is not to say that the value of property has declined. This shows positive growth in the middle-income markets, townhouses and apartments are in demand. Apart from the usual seasonal and geographic fluctuations, we anticipate an increase in buying activity towards the third and final quarter of the year, even though winter is traditionally the slowest selling season across the country. Only time will tell.
Whilst there are still political concerns such as Land Reform that require proper definition in order to abate both foreign and local concern and instil further confidence: in terms of the latest released GDP figures it is evident that there requires real intervention for equated growth in order for South Africa to be seen as an investment location with positive growth.
Our ground roots experience is indicating that our confidence in the market is well placed and growth will continue in a slow but steady upward trajectory.
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If you are looking at the property market to buy or sell, don't hesitate to get in touch with us!
Contact Hamilton's Property Portfolio on 011 463 0155 or mail to reception@hamiltons.co.za
Author: Lisa