Residential cycle: Take a cue home from your banker

Posted On Wednesday, 09 May 2012 02:00 Published by eProp Commercial Property News
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When bankers themselves start showing signs of investing more money in their own homes – either by selling and buying bigger and better, or by extending and upgrading – its time to sit up and take notice

Ronald Ennik This according to luxury homes specialist Ronald Ennik, who continues: “In Gauteng, and particularly within the Johannesburg and Sandton economic hub, we are encountering an increasing number of senior banking executives seeking opportunities to buy upwards or extend – some with budgets of R10-million or more,” says the CEO of Ennik Estates.

“This contrasts with the past few years, when the banking executive community was notably absent from the residential property market.

“Always well-informed on market trends, and, therefore, closest to the fundamentals of property cycles, bankers are invariably an accurate early compass reading of where the residential sector is headed – simply by virtue of what they themselves are doing…or not doing,” says Ronald.

“Some observers may say the bankers now in the market are swimming against the tide. The reality is that, by the time homeowners as a whole discern an upturn, it is normally already some months down the track,” he concludes.

Ennik Estates is the exclusive affiliate in Gauteng of Christie’s International Real Estate, the US$100-billion sales a year global luxury property arm of the world’s largest and oldest fine art auction house.

Last modified on Monday, 10 March 2014 11:36

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