As anticipated, and with an eye on rising inflation, the Monetary Policy Committee left the repo rate unchanged despite the prevailing sluggish economy, says Dr Andrew Golding, CE of the Pam Golding Property group. “In addition to increasing fuel and food prices, the much-debated proposals in regard to significant ongoing electricity tariff increases are stifling economic sentiment in general,” he says.
“Despite these influences, the housing market in South Africa continues to be resilient characterised by increased activity levels in all sectors of the market.
“As we approach the year-end holiday season, this is generally a time when the residential property market experiences increased activity for a variety of reasons. These include, among others, those relocating on business or in pursuit of a different, more desirable lifestyle, those looking to acquire a property to retire to now or in the future, while others are looking for a destination in close proximity to learning institutions for the benefit of their children. Some buyers seek a leisure or getaway home where they can enjoy quality family time on weekends and holidays, while others are endeavouring to purchase a sound property investment for future security. There is a natural cycle of people who are either upgrading or downsizing as their needs and circumstances in life change.
“From a Pam Golding Properties perspective we are encouraged by the increasing interest and enquiries received in regard to the residential property market, from a broad cross section of buyers across the full spectrum of price ranges. Developers too are demonstrating confidence in the market, and we are achieving sales in developments in various regions in the country. Serious sellers are taking note of the current market conditions, where only properties realistically priced at market-related prices are selling, while buyers are taking note of the requirement for obtaining mortgages and the need to be able to put down a deposit and cover transfer costs. Looking at the year ahead we remain cautiously optimistic that 2013 will continue to see moderate growth in the property market, with interest rates remaining at relatively low levels,” adds Dr Golding.
For further information contact Pam Golding Properties on 021 7101700 or email email@example.com.