Gauteng Business News

Send  Share  RSS  Twitter  12 May 2010

PROPERTY: Gauteng Property Shows Most Impressive Growth


Recent Gauteng Business News

In the first four months of the year, RE/MAX of Southern Africa reported a 43% increase in sales year-on-year, with Gauteng showing a 91% increase from the same period last year. The Western Cape saw a 30% increase, while the North West Province and Northern Cape skyrocketed up by 400%.

Adrian Goslett, CEO of RE/MAX of Southern Africa points out that while the North WestProvince and Northern Cape demonstrated a dramatic increase in sales activity, this figure comes off a relatively low base.

“The 91% increase in Gauteng sales on the other hand, “he says, “is coming off a wider and more stable base, and comprises a large majority of the group’s most successful offices.” Goslett says that this is an impressive growth figure for a non-coastal city where most of the property sales are to owner-occupiers.

The industry as a whole is showing positive figures all round, with the First National Bank Residential (FNB) Property Barometer survey of estate agents for the first quarter of 2010 showing a jump in demand. On a scale of one to ten, previous demand activity rated 5,68, which jumped to 6,35 in the first quarter of 2010. This is 32,3% higher than the corresponding quarter in 2009.

In addition to the six new RE/MAX franchises that opened in the first quarter of 2010, 187 agents have joined the group, with 37 of these agents returning to the brand. Furthermore, the signing of the RE/MAX Realty Centre franchise, which operates out of Harare, Zimbabwe, has catapulted the RE/MAX footprint into 80 countries around the globe.

As the most recognised name in real estate, RE/MAX agents bring a high quality, professional service offering to clients from around the world. “It is the power of a world-class brand and all the cutting edge support, technology and training that comes with it that will continue to attract new franchises and agents to RE/MAX,” says Goslett.

Additional key findings in the FNB survey highlight further improvements in the property market aside from a strengthening of the residential real estate sector. The survey shows that pricing realism is improving, with the average time that a property remained on the market prior to sale this quarter sitting at only 12 weeks and four days. This is down from the 13 weeks and two days recorded in the previous quarter. In addition, the percentage of sellers that did not achieve their asking price dropped from 89% to 76% from quarter to quarter.

“All these developments bode well for a slow and steady growth over the next 12 to 18 months,” Goslett concludes.

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