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Experts say SA can expect post-polls improvement in property market, but it will take time.

The property market is likely to improve now that the elections are over, but it will not be an immediate recovery, say property experts. Despite much of the property market’s recent slowdown and buyer hesitation being blamed on uncertainty pending the poll, the country still has hurdles in its way.

What is needed now is for the government to “get on with the job of stabilising the country and economy”, says Samuel Seeff, chairman of the Seeff Property Group. This should be a top priority as it is essential to restoring business, investor and economic confidence.

Seeff believes the market is “perfectly poised” for momentum to begin building. “The mortgage landscape and flat interest rate combined with higher stock levels and flat price growth means buyers can find a good deal in the market right now, but they need to feel their money and property are safe, and that they can feel confident about the future of the country.”

Until consumer and business confidence is restored, Yael Geffen, chief executive of Lew Geffen Sotheby’s International Realty, believes the market will continue to tread water. “We need the government to come to the table with concrete plans to stimulate job creation, and partner with the private sector to inject some energy back into the economy.”

At best, she says, annual house price inflation is unlikely to move beyond 5% for the rest of the year as people continue “to watch and wait” while the government gets to work. “We need decisive, business- and investment-friendly policies implemented soonest.

Read more: Slow progress in real estate likely post-election