Will property prices go up after the election?

Apr 30, 2019 7:34:42 PM Share this:

While many may be apprehensive about venturing into South Africa’s property market, the prevailing ‘buyer’s market’ may be the perfect opportunity for you to stake your claim on your dream home. The difference between ‘buying the perfect home’ and ‘buying the perfect home at the perfect price’ may just come down to perfect timing.


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Topics: Harcourts South Africa, South African Markets, South African Elections 2019

Affordable property markets remain stable

Oct 16, 2018 11:18:56 PM Share this:

South Africans are certainly facing tough economic times and with petrol set to skyrocket by R1.01 a litre and diesel by R1.24 in October, no relief for the short term seems to be on the horizon. Real estate has felt the knock-on effects of many of these economic cycles and certain markets have been adversely affected, however one part of the sector seems to have shown far more stability, and that is affordable property.


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Topics: Richard Gray, Property Markets, South African Markets, Harcourts Real Estate

Adjust to new market realities of a recession and keep going says property experts

Sep 11, 2018 5:41:19 PM Share this:

South Africa has slipped once more into a technical recession and 2018 looks set to be the third year in a row for real house price decline, yet the property market is far from dead assures property experts. What is important is to adjust to the new market realities as they are here to stay for a while.


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Topics: Property Markets, Market Value, Harcourts Growth, South African Markets

South African consumers could be getting a break

Jul 17, 2018 8:39:58 PM Share this:

We welcome the announcement by President Cyril Ramaphosa that Government will in two weeks’ time announce a package of economic measures to cushion the public from the devastating effects of high fuel price hikes and the VAT increase.

"As salaries are usually only increased annually, the consumer has to juggle unforeseeable market fluctuations on a perpetual basis, making it very difficult to adhere to a budget and plan investments,” says Gray. Richard Gray, Harcourts Africa Chief Executive Officer, says according to media reports, Ramaphosa was addressing business and government leaders in Pretoria ahead of the BRICS Summit this month. The President said a panel of various stakeholders from the economic cluster has been tasked with drafting the package. “It is an immediate necessity that consumer pressures on South Africans be addressed in a strategic and detailed plan. Therefore it is a welcome relief that president Ramaphosa said Government will be announcing a package of measures to ease the burden of the price increase, which will include the finalisation of the VAT-exempt products,” says Gray.

“The continuous rise of expenses on South Africans has led to many people stagnant in a consumer price pinch. We have certainly witnessed it in the property sector, with some locations slowing down completely as buyers turn to renting as a means to bide time and monitor the economic climate.”

He says even in high LSM markets the property market has slowed down. Analysing properties sold for the last 12 months (April 2017 to March 2018) along the Atlantic Seaboard registered with the Deeds Office, which includes both sectional and full titles, the region has undoubtedly experienced a cooling period after the drastic growth of the past few years.

“Unfortunately, consumers are directly impacted by tax increases due to our participation in a multitude of industries. We’re economically active, and as purchasers of an array of products and services we feel the knock-on effects of the suppliers who have to make changes in order to buffer the impact on their businesses,” says Gray.

“The rise of fuel costs as well as the increase in VAT has undoubtedly put pressure on the man on the street. As salaries are usually only increased annually, the consumer has to juggle unforeseeable market fluctuations on a perpetual basis, making it very difficult to adhere to a budget and plan investments.”


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Topics: Richard Gray, Harcourts South Africa, President Ramaphosa, South African Markets, South African Consumers

Harcourts welcome President Ramaphosa's economic package announcement today

Jul 12, 2018 12:17:57 AM Share this:

We welcome the announcement by President Cyril Ramaphosa that Government will in two weeks’ time announce a package of economic measures to cushion the public from the devastating effects of high fuel price hikes and the VAT increase. Ramaphosa was addressing business and government leaders in Pretoria this morning ahead of the BRICS Summit this month. The President said a panel of various stakeholders from the economic cluster has been tasked with drafting the package.

It is an immediate necessity that consumer pressures on South Africans be addressed in a strategic and detailed plan. Therefore it is a welcome relief that president Ramaphosa said Government will be announcing a package of measures to ease the burden of the price increase, which will include the finalisation of the VAT exempt products.

The continuous rise of expenses on South Africans has led to many people stagnant in a consumer price pinch. We have certainly witnessed it in the property sector. With some locations slowing down completely as buyers turn to renting as a means to bide time and monitor the economic climate.

Even in high LSM markets the property market has slowed down. Analysing properties sold for the last 12 months along the Atlantic Seaboard, April 2017 to March 2018, registered with the Deeds Office, which includes both sectional and full titles, the region has undoubtedly experienced a cooling period after the drastic growth of the past few years. 

Unfortunately consumers are directly impacted by tax increases due to our participation in a multitude of industries. We’re economically active and as purchasers of an array of products and services we feel the knock on effects of the suppliers. Who have to make changes in order to buffer the impact on their businesses.

The rise of fuel costs as well as the increase in VAT has undoubtedly put pressure on the man on the street. As salaries are usually only increased annually, the consumer has to juggle unforeseeable market fluctuations on a perpetual basis. Making it very difficult to adhere to a budget and plan investments.
Statement by

Richard Gray
Harcourts Africa Chief Executive Officer
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Topics: Richard Gray, Harcourts South Africa, Consumers Under Pressure, President Ramaphosa, South African Markets