Gauteng housing market in the doldrums

Home owners looking to sell their properties in the country's economic heartland are being forced to slash their prices.This is corroborated by Firzt Realty CEO, Denese Zaslansky, who says sellers in Johannesburg are having to settle for far less."It's a cross-section of the market. Whether they paid R1-million or R10-million three or four years ago, we are selling at between 20% and 30% less," says Denes Zaslansky, Firtz Realty.

"About 7% to 8% of our sellers are emigrating. I speak to a lot of conveyancers, they are dealing with people who are emigrating and perhaps in their businesses it could be more than 10% or 15%," she said. In Gauteng, 'for sale' signs are everywhere. Pam Golding says, on average, homes stay on the market for almost 14 weeks. Firzt Realty is experiencing the same.

Source: News Formal (newsformal.com)

Yet to understand according to planning laws, how we have Malls every 20km radius on Gauteng...... The beauty of property, it can be transformed to many things.....(rezone).

The housing market is a huge bubble in most areas in South Africa from the boom years of the early 2000s. Most properties are by far not worth what they are trying to sell for. It is time for a drastic correction!

'About 7% to 8% of our sellers are emigrating. I speak to a lot of conveyancers, they are dealing with people who are emigrating and perhaps in their businesses it could be more than 10% or 15%,' she said. Wait for the over supply of retail properties to show us market crush...

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