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Property market growth on the up

For the first time in years the South African property market has experienced growth.

The Enigma mansion which is on the market for R300 million. Picture: Cape Town Alive.

CAPE TOWN - A national real estate agency said on Wednesday location remains the top priority when choosing a home.

Pam Golding Properties' CEO Dr Andrew Golding explained the property market has recorded growth for the first time in five years.

The fragile state of the economy has seen house prices remain stagnant over the past few years.

But according to Golding, the trend is changing.

He said there's a shortage of houses for sale, which means the demand is growing.

"There's a vast majority of activity in the market between R750,000 and R2 million. But having said that, the markets between R2 million and R5 million and even above R10 million have started to be characterised by a shortage of stock."