DURBAN - Patience is needed as we wait for sentiment to improve to such an extent where we can once again look forward to some meaningful economic and property market growth.
That is the word from Samuel Seeff, chairman of the Seeff Property Group, who says that it is sentiment more than anything else that is currently holding back the economy and market.
2018 has, by all accounts been a challenging year for the economy and property market. Overall, while it remained business as usual for the sub-R1.5 million sector, there was a notable weakening in demand above the R3 million to R5 million price bands, says Seeff.
A weak economic climate, political noise and property ownership concerns impacted on the market to a notable degree and conditions shifted largely in favour of buyers. Price growth flattened, although with no real price devaluation evident as yet, he adds. While down on the highs of recent years, Seeff stressed that the market has not reached anywhere near the lows of the post-2008 period.
Looking to 2019, we expect to start the year on much the same foot and will need to be patient for a little while longer as the market is likely to remain fairly flat for the first few months for a number of reasons.