RE/MAX of Southern Africa says it demonstrated resilience despite challenges in the broader property market, with growth in sales figures and listing values.
While there have been some positive economic developments in the third quarter, the full impact is expected to be felt in early 2025.
“Seeing as the first interest rate cut only happened at the end of September, the stats for the period July - September 2024 understandably reflect a similar level of muted growth that we have seen in the previous two quarters,” said Adrian Goslett, Regional Director and CEO of RE/MAX of Southern Africa.
Although the overall market is down by 24.6% in registered sales, the RE/MAX SA network has seen a 2.2% increase in registered sales value compared to the same quarter last year.
“Year-on-year, we are also up by 5.3% in reported sales. While the market conditions have been tough, our agents have shown resilience and adaptability, leveraging their expertise and commitment to deliver results even in challenging times,” Goslett added.
According to Lightstone Property, as of the end of August 2024, annual national house price inflation was at 4.57%.
Goslett also noted that the average active listing price on remax.co.za in Q3 2024 is R3,034,304.35, a 9% increase compared to the same quarter last year.
“With the start of the interest rate cutting cycle, property prices will no doubt begin to show stronger growth in the months to come. It takes roughly six months before we will feel the full effect of an interest rate cut and market conditions move away from being a ‘buyer’s market’.
"What this means is that the gap is closing to find those ‘bargain’ deals on properties. For those who can afford to do so, now truly is the time to buy,” said Goslett.
The Western Cape continues to dominate the top searched suburbs on remax.co.za, claiming all five spots. It also remains the highest-priced province with an average house price of R1,738,844.08, followed by Gauteng at R1,178,363.10.
Top 5 Most Searched Suburbs on remax.co.za:
Sunningdale, Western Cape
Blouberg Sands, Western Cape
West Beach, Western Cape
Melkbosstrand Central, Western Cape
Blouberg Rise, Western Cape
“The first few quarters of this year have been characterized by a challenging economic climate and a sluggish property market, but all this is about to change. Those who take advantage of the opportunities that exist now will reap the rewards in years to come,” Goslett said.
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