Following another interest rate cut, Gauteng is the property market to get into right now. According to Samuel Seeff, chairperson of the Seeff Property Group, Gauteng offers the best value in the country right now, and this is across almost all price categories including luxury property.
According to StatsSA, Gauteng continues to see the largest inflow of migration as people move to the metros in search of economic opportunity. Gauteng also boasts the largest volume of entry level buyers. There are many very affordably priced property categories and areas, and most offer surplus stock, says Seeff.
In terms of freehold houses, 50% of sales are below R1.1m, and 75% are below R1.5m. Overall, only 5% of all sales have been above R3m. The average sectional title price in Johannesburg is around R780,000, and for freehold houses, it is around R1.7m. The attraction of the Gauteng metros lies in that it is the economic powerhouse of the country. It offers outstanding amenities, schools, colleges, universities, the best on the continent. The choices of where you want to invest or live is also endless with so many residential areas, often with good access to business and commercial nodes.