Website rejects good sentiment
MIXED BAG While industry analysts are commenting on an upswing in the local property market, Property24.com has warned against too positive an outlook, noting that the upswing needs to be viewed within the context of other activity indicators. Property24.com recently merged with property software specialist firm Korbitec, and the merged company’s software is utilised by most real estate agents and property lawyers offices.
Through its software, Property24.com enjoys regular access to daily activity indicators within the industry, such as new property listings, sold and withdrawn properties, transfers and bond registrations and cancellations. Figures emerging from Property24.com show that stagnation has set into the local market.
Dawie Verryne, CEO of Korbitec, says: “We saw the industry start to pick up in September 2009 in terms of activities per business day, with a 12 month high reached in February this year. But since then we’ve seen a fair degree of stagnation. Even in the April holiday season, where an activity dip is predictable, we saw activity fall further than expected. We also haven’t seen any activity growth in last three months, and the world cup is expected to reduce local working hours significantly, a further negative factor in the short term.”
According to Verryne, after the world cup SA could be in need of a macro-economic trigger to reignite its property market.