Adrian Goslett, CEO of RE/MAX of Southern Africa, says that so far 2012 has proven to be a much better year in terms of property sales volumes and values throughout South Africa. He says that when compared with sales during the period of January to April 2011, all regions across the country have shown an overall increase of 11% in house sales.
Goslett says that buyers have become more confident in the market and this has reflected positively in the property sector with website activity and online property queries having increased by 18%. Low steady interest rates coupled with more affordable pricing have attracted buyers resulting in the market yielding some good results in the first quarter of 2012. "More buyers have been able to enter the market due to property pricing. The low interest rates have also contributed to consumers reducing their debt and many more buyers are now able to show the necessary affordability required by financial institutions to gain access to finance. The outlook for the interest rate during 2012 is once again stable which will continue to assist buyers and the market moving forward," says Goslett.
Aside from the positive sales figures, RE/MAX of Southern Africa has also grown in office and agent numbers too, with the number of agents working under the RE/MAX banner growing by 7% on the figure in 2011. Looking forward to what the rest of 2012 holds, Goslett anticipates that interest rates will remain stable and demand for property will continue onits upward trend, with more consumer confidence growing in the market. "With many of the access market stock having been sold and some regions starting to report a lack of supply, we may see the market turn quicker than expected. Buyers should take advantage of the current property prices while they can," Goslett concludes.
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