According to several sourced reports the majority of distressed properties are listed within the Gauteng area. While indicators have shown that the conditions within the national property market are slowly improving it is obvious that distressed and repossessed properties are still a stark reality within that market.
The opinion of experts within the market seems to be unanimous in the fact that the distressed property market will continue at this strength for at least the next five years. This bodes well for buyers that have the means to invest in property in the Gauteng region, because the market will continue to provide them with bargain priced properties. More sellers are reducing asking prices for properties, and distressed or repossessed property often sells for well below the bank’s valuation assessment.
Recent surveys and reports also indicate that estate agents in Gauteng expect the demand for residential property in the province to increase from the activity seen before now. Also indicated by these surveys is the fact that properties are spending significantly less time on the market before they are sold in Gauteng as opposed to other provinces. While the average time it takes for a property to sell still remains fairly long in historical terms, the process is much swifter that in the coastal regions.
An area in Guateng that is drawing investors and homeowners alike is the once sleepy suburb of Centurion. As a result of both Pretoria’s expansion and the improved ease of commuting – including the Gautrain’s implementation as well as the planned development of the Bus Rapid Transit system within Centurion and Pretoria – Centurion has becoming a bustling urban hub interspersed with family-oriented suburb life.
For those buyers in Gauteng who have the patience and the savvy, there are innumerable bargains available. Whether buying distressed, repossessed or private property make sure to have a look at the amazing properties on offer at MyRoof.co.za.