Prop­erty mar­ket is turn­ing

Weekend Argus (Saturday Edition) - - AUCTIONS -

FOL­LOW­ING their mul­ti­ple com­mer­cial and flash res­i­den­tial auc­tions this month, Clare­mart CEO Jonathan Smiedt and his team are pos­i­tive that the prop­erty mar­ket is fi­nally turn­ing and that the long-an­tic­i­pated growth cy­cle is start­ing.

“At­ten­dance fig­ures and the com­pet­i­tive bid­ding at our auc­tions are tes­ta­ment to the re­tur ned op­ti­mism in the mar­ket­place,” said Smiedt.

Of the port­fo­lio of com­mer­cial prop­er­ties which were knocked down, Smiedt con­firmed that the im­me­di­ate sale of the Old Gra­nary for R7 mil­lion was a high­light.

“Our sales team is work­ing over­time to get all prop­er­ties knocked down con­fir med,” says Smiedt.

“We are see­ing in­creas­ing de­mand for prop­erty in the CBD and, just east from the CBD, Wood­stock and Salt River are see­ing a dra­matic in­crease in ac­tiv­ity with sev­eral new de­vel­op­ments.

“There is def­i­nite op­ti­mism from the mar­ket in both com­mer­cial and res­i­den­tial sec­tors on the CBD edge and the re­vival is herald­ing a new era of growth for th­ese ar­eas.”

The im­proved mar­ket sen­ti­ment should re­main, ac­cord­ing to Smiedt. Com­ment­ing on Re­serve Bank gov­er­nor, Gill Mar­cus’s an­nounce­ment that the repo rate would re­main un­changed, Smiedt is pos­i­tive about the re­cov­ery process in the prop­erty sec­tor.

“Mar­kets pre­fer trans­parency and con­ti­nu­ity in a tran­si­tion pe­riod, and she has done much… to ease nerves.”

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