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Date: Apr. 3, 2009
Tags: None
The first quarter of 2009 has flow by with massive body blows to the South African real estate industry being absorbed and an industry reeling from the major banks self protection sheilds being put up rapidly in the form of strict lending criteria , 70% loan to value offers. A virtual U Turn by the major banks on the industry they managed to help burgeon to growth levels that were among the top movers in the world.
With the party over and a sober mood prevailing in the market that is 40% down in volume sales over the past year , this hangover wait and see period heralds major changes . Mass exodus of "real estate professionals" predicted numbers of 70 000+ down to 35 000 registered agents remaining .
Origination companies not being entertained by the major banks , casing further rapid retractions in this end of the market and further casualties.
Signs that the industry has reached rock bottom , interest rate cuts looming ( far too slowly in my opinion) and talks of green shoots showing could mean that our hangover cure may be in sight.
The seasoned professionals who display professional insight may just benefit by the first cold drink of the improving markets , and although another party is not in store , certainly the odd sundowner will be there to be enjoyed in the next few months by those who hang in and gather in the new industry with a very different face to that of a just 18 months ago.
See you at the new gathering and look forward to a cocktail of professionalism , add a twist of innovation , stir in some legislation and top with ongoing education and lets enjoy a sundowner to mark the end of a party and the bennining of a new industry in South africa
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