Dear Property Owners of Groenkloof, Pretoria
As we embark on a new year, Groenkloof's property market unveils a canvas of opportunities and challenges, echoing the spirit of new dreams and fresh beginnings.
On 25 January 2024, the SARB's decision to keep the repo rate unchanged and provides stability, albeit at its highest point in 14 years. We anticipate the repo rate to remain steady, with an optimistic outlook for a potential decrease later in the year. This holds the promise of increased accessibility to home loan financing and heightened buyer confidence. This repo rate stability, coupled with a consumer inflation rate of 5.5%, paints a picture of resilience in the property market, signalling positivity amidst economic fluctuations.
The property market in Groenkloof faces challenges from past interest rate hikes and the rising cost of living, impacting buyer demand. As we step into 2024, cost-consciousness is expected to persist. While positive signs include a pause in interest rate hikes, challenges loom with high interest rates influencing buyer qualifications and emphasizing the need for strategic pricing by sellers.
The upcoming elections introduce an element of uncertainty. However, we hold hope that the 2024 election will bring about political and economic certainty, creating an environment conducive to growth.
Despite these uncertainties, Groenkloof stands tall as a desirable locale, offering a sense of continuity, community and security.
In Groenkloof, 57% of residents have rooted themselves for over 11 years, embodying a sense of continuity. With 818 properties, 69% are freehold, and 31% are sectional title, providing varied housing options.
The average sales price for freehold properties in 2023 rose to R3.5 million, marking an 11% increase from 2022. Despite this, freehold property sales experienced a 27% decrease from 2022 to 2023. Sectional title properties averaged R1.85 million in 2023, with a slight decrease compared to 2022, and a reduction of 5 units in sales compared to 2022.
If you're contemplating property decisions in Groenkloof, whether selling, buying, or investing, our team is here to provide the expertise and insights needed for informed choices. Reach out to us anytime for personalized advice, market evaluations, or real estate-related queries. Thank you for entrusting us as your local real estate resource. Your journey in Groenkloof, shaped by new dreams and aspirations, is our priority.
Feel free to reach out to us at any time for personalized advice, a market evaluation of your property, or any real estate-related queries.
Monday to Friday 7:30am-4:30pm
