RE/MAX Property Feedback Flash

The year 2009 was an extremely tough year for us but it ended on a high note with a definitive turnaround in the property market and all indications are that the upswing will continue into 2010.

Adrian Goslett, RE/MAX Assistant Regional Director has reported the following statistics according to a nation wide RE/MAX survey at the end of last year:

Sales activities
It is reported that 76% of the RE/MAX offices have experienced a 25% increase in sales activity in the last 6 months of 2009 while 18% have seen an increase of 26% - 50% in sales activity and 6% of the offices have reported 51% and higher sales activities. These sales activity levels compared well with the figures of the beginning of 2007. According to John Loos (FNB Property Barometer) the Nelson Mandela Bay property market activities at 5.85 points was higher than that of the country as a whole with 5.6 points.

Most popular properties
The RE/MAX survey indicated that the most popular property price bracket was in the R750 000 to R999 000 category with 34% of the sales. This was followed by the price range of R500 000 to R749 000 at 23% of the sales. The homes valued under R500 000 and above R1 million - R1.5 million both constituted 13% of the sales.

Time on the market
It took, on average, between three and six months for a property to be on the market before it was sold.

Growth
The upturn started in August 2009 and property growth of 4.7% up until November 2009 was recorded. Positive property growth for 2010 is however still expected to be in the single digit figures. It is further expected that the 2010 Soccer World Cup will provide fantastic foreign investment opportunities for the future.