Unit sales in­crease sig­nif­i­cantly com­pared to pre­vi­ous year

Weekend Argus (Saturday Edition) - - PROPERTY -

THE RES­I­DEN­TIAL prop­erty mar­ket con­tin­ues to re­flect an in­crease in unit sales as in­ter­est rates re­main low and the gap nar­rows be­tween sell­ers’ listed prices and the price buy­ers are pre­pared to pay, says Dr An­drew Gold­ing, chief ex­ec­u­tive of the Pam Gold­ing Prop­erty group.

“For the first five months of 2010, PGP sold al­most 40 per­cent more units com­pared to the same pe­riod last year. Show house at­ten­dance has im­proved sig­nif­i­cantly, how­ever, buy­ers with low or no de­posits still ex­pe­ri­ence dif­fi­culty get­ting bond fi­nance,” he says.

Al­though most of PGP’s sales are for homes cost­ing up to R6 mil­lion, the lux­ury mar­ket re­mains ac­tive and the Western Cape re­gion re­ports a strong de­mand for ex­cep­tional prop­er­ties among South African cash buy­ers. No­table sales by the com­pany in­clude homes on the Western Cape At­lantic seaboard sold for R45m, R36.5m, R35m and R30.2m. In Kom­metjie, a house was sold for R10m and in Her­manus an apart­ment and a house were each sold for around R8m.

The com­pany’s Stel­len­bosch of­fice re­ports strong de­mand for cor­rectly priced homes as fam­i­lies pri­ori­tise lo­ca­tions with ac­cess to good ed­u­ca­tion fa­cil­i­ties. Two re­cent sales were con­cluded within a few days of the prop­er­ties be­ing listed, as they were set at mar­ket-re­lated prices. Lux­ury prop­er­ties in Stel­len­bosch re­main sought-af­ter among Gaut­eng buy­ers.

In Pre­to­ria, PGP re­ports in­creased in­ter­est in lux­ury homes, with sales of R6.5m and R9 . 8 m c o n c l u d e d i n s e c u r e es­tates, as se­cu­rity re­mains a high pri­or­ity.

Gold­ing says a re­gion that is show­ing signs of in­creas­ing p o s i t ive s e n t i m e n t i s t h e greater Dur­ban area, where the com­ple­tion of the new King Shaka In­ter­na­tional Air­port, r e v a mp e d b e a c h f r o n t , a n d im­proved in­frastr uc­ture around the Moses Mab­hida Sta­dium are boost­ing con­fi­dence.

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