Since the beginning of 2013 we have seen the property market transition from a strong buyer’s market into a slightly more balanced market that is slowly starting to tip in the seller’s favour, says Adrian Goslett, CEO of RE/MAX of Southern Africa.
“Currently the market conditions that we are experiencing point to the fact that we are in the middle of a transition to a seller’s market,” says Goslett. “Although it has been slow, a housing market recovery is taking place in South Africa. Overall, consumer sentiment has seen marginal improvement, which plays a major role in the spending and investment patterns of the average South African. Were it not for the fear of implied policy or legislative changes, many of which could affect the real estate sector, I believe the South African housing market would be further along in its state of recovery with a steeper upward trend, much like is being experienced in the US right now. We are also still facing some remaining effects of the recession as there is still an oversupply of bank-owned properties that keep prices within certain areas regulated.”
According to Goslett, while conditions are still favourable for buyers, most RE/MAX of Southern Africa estate agents working in the more densely populated metropolitan areas are reporting a dwindling number of homes available for sale. This means that properties being listed in today’s market – particularly those in the sought-after areas – are selling faster than they can be listed. “The most sought-after properties
Read More Here: http://mype.co.za/new/2014/07/where-is-the-proprty-market-now/