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If interest rate remains stable, 2021 to bring more surprises in property market

19 January 2021 8:19 PM
Tags:
The Money Show
Bruce Whitfield
Property market
Pam Golding Properties
Andrew Golding
residential property market
Pam Golding Property Group
COVID-19

Despite the pandemic, 2020 saw a rally in residential property sales. Andrew Golding examines the trends expected in 2021.

Interest rates are sitting at 50-year lows, offering the perfect opportunity for those who've hung onto their jobs to put a foot on that first rung of the property ladder.

Despite the financial devastation wrought by the Covid-29 pandemic, 2020 saw a rally in some areas of the property market.

Bruce Whitfield interviews Andrew Golding, CEO of the Pam Golding Property Group.

"From June and July the market has been really buoyant", he says.

It was underpinned mainly by the low interest rate environment and a number of structural changes in the way people considered their lifestyle and where they chose to live, and remote working...

Andrew Golding, CEO - Pam Golding Property Group

What is the outlook for the property sector in 2021?

Provided interest rates remain stable it's hoped the market will continue with the momentum of the past six months, says Golding.

A number of people have found the ability to buy rather than rent in the first-home buying market. That's in the R700,000 to R1.5 million or R2 million category... that's been the most buoyant.

Andrew Golding, CEO - Pam Golding Property Group

But we have seen activity throughout the market, up to the top end. That's perhaps a different environment where we've seen opportunistic buyers and in some cases distressed sellers or sellers who have looked to offload property in the light of the current environment.

Andrew Golding, CEO - Pam Golding Property Group

In the traditionally quieter month of December, there was a surprise of high activity at the end of 2020 particularly in the R2 million to R5 million band.

I think the market is showing a lot of surprises generally across the board where people are at home and considering their lifestyle opportunities and what this market is offering them.

Andrew Golding, CEO - Pam Golding Property Group

Listen to Golding discuss the growing trends in the market:




19 January 2021 8:19 PM
Tags:
The Money Show
Bruce Whitfield
Property market
Pam Golding Properties
Andrew Golding
residential property market
Pam Golding Property Group
COVID-19

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