PropertyFox Neighbourhood Insights – Sept 2018
We look back and share our insights of what the month of September brought in terms of property.
Rise and Shine
Viewings increased in September by 107% compared to August 2018. We also saw an increase of 165% in offers to purchase made to sellers. September 2018 saw four times more offers landing in the hands of sellers than September 2017 and August 2017.
The View
The R800 000 – R1 300 000 price bracket was the most popular for viewings, much lower than the R1 850 000 – R2 250 000 market from the same time last year.
Regardless of the decrease in average price bracket, the housing market in South Africa remains a good option for potential investors. According to the Business Report, house price inflation is diverging noticeably, with a slowdown seen in the Western Cape.
All properties we listed in these areas fall in the above-mentioned price bracket.
Top Performers
Our top areas where viewings were scheduled in the month of September were all found in various parts of Gauteng; Jackaroo Park, Sunninghill and The Reeds.
All properties we listed in these areas fall in the above-mentioned price bracket.
“Looking at the second-hand residential market, the northern suburbs of Johannesburg have experienced average trading conditions with more movement than other sectors as sellers are able to be more negotiable on their price and accept lower offers,” says Chris Renecle, MD of Renprop.
“The upper end of the market continues to be slow, with more movement seen in the middle- and lower-priced properties.”
Sunninghill and The Reeds are also close to business hubs and have easy access to public transport and still within this price bracket; this makes them extra attractive to buyers. Also worth noting the homes we listed in these areas were fairly priced, which attracts quick interest and offers.
What’s more
Sunninghill has attracted most of our leads this month with many interested in an investment opportunity in the area. The huge jump in offers this month shows that buyers are aware that it is a good time to buy and are trying to snap up a good deal. The recovery for viewings, offers and the market after the winter downturn is good news overall.
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