Dear Property Owners of Monument Park, Pretoria
As we embark on a new year, Monument Park'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 Monument Park 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, Monument Park stands tall as a desirable locale, offering a sense of continuity, community and security.
In Monument Park, a robust 53% of residents have established lasting roots, residing in the area for over 11 years, fostering a sense of community stability. The region boasts 1614 properties, presenting diverse housing choices, with 71% being freehold and 29% sectional title options.
The average sales price for freehold properties in 2023 has settled at R2.18 million, indicating a slight decrease compared to 2022. However, despite this price adjustment, freehold property sales have experienced a decrease. Meanwhile, sectional title properties have shown resilience, with an average sales price of R1.25 million in 2023, reflecting a modest 5.6% increase compared to 2022, even though sales have decreased.
If you're contemplating property decisions in Monument Park , 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 Monument Park, 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
