That’s the message from First National Bank’s residential property gurus.
In the latest FNB Property Barometer (1 March) , indications are that property prices will continue to ‘bump along the bottom’, despite the fact that month-on-month house price inflation has turned slightly positive. Indeed, a 0.8% year-on-year increase to February 2017 shows a small improvement over recent times.
Clearly, this is a buyers market and sellers as well as the selling value chain (real estate agents, bond originators, banks etc.) are seeing a decline in real terms of some 5.3% when measured against CPI. This is certain to slow down the rate of sales as sellers try to hang on for better prices before submitting to market trends.
These are figures are drawn from national stats, but we know that the Western Cape bucks the trend. Stock remains a difficult issue for most selling agents, even if prices may be a bit more buoyant than national averages. In this market, service excellence, visibility and proactive marketing holds the key to residential stock listings.