Property market is turning
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.”