Real Estate Investor Magazine South Africa November 2015 | Page 39

a slowing down in the volumes the outlook for the
coming year has remained positive with the markets
not expected to bottom out.
Tourism and good governance have been major
drivers of growth, with a noticeable increase of buyers
from across the globe (including upcountry areas such
as a Joburg) relocating to the city centre. The average
time on the market is still about 30-80 days, but
well-priced property is still selling within a month.
The rental market in the Western Cape has remained
strong with top end rentals now comfortably ranging
to R100 000 and even as high as R120 000/month for
a luxury home in a Blue Chip locations such as Clifton,
Camps Bay, Bishopscourt, Constantia
Gauteng
Infrastructure development throughout Gauteng, such
as the Gautrain and Rapid Bus Transit System, has had
a noticeably positive influence on property. Specifically,
development in Sandton has seen a significant boost
in demand. Johannesburg’s inner city renewal, which
includes security upgrades to areas such as Maboneng
district, Hillbrow and surrounds, are creating new
property hot spots to watch out for in the coming years.

There has been a strong rise in demand for sectional
title property, especially around the Sandton CBD
and mixed-use developments such as Melrose Arch.
The rental market throughout Gauteng has remained
strong, with Sandton rates reaching R80 000 to
R100 000/month and Pretoria East gated estates
in Waterkloof reaching as much as R66 000/month.
Middle class areas such as Randburg, Joburg South/
East/West, remain very active with the average prices
still growing as demand for housing grows. Although a
large portion of this market is dependent on mortgage
loans, thus being sensitive to economic fluctuation.
KwaZulu Natal
Stock situation varies throughout KwaZulu Natal, but
there have been no reports of vast oversupply anywhere,
thus creating a market that is still well balanced. The
average price for KwaZulu Natal property in 2014
was R K