OLX, the world’s leading classifieds platform for emerging markets, recently released data revealing that an increasing number of home owners seem to be looking for a more cost-effective way of buying and selling property. The stats highlight how property listings on their South African portal have shown solid growth over recent months, with some platforms showing an increase of over 30% month-on-month.
OLX believes that consumers want reduced estate agency fees and the internet now makes this possible, both through direct private sales as well through Steeple, South Africa’s first low commission estate agents who operate online. Steeple has witnessed a similar growth trajectory for our online property sales.
Mobile technology has undoubtedly played a major part in more people browsing for property online. South Africans accessing the internet on their mobile devices now far surpass those using desktops and laptops. The convenience and accessibility of mobile devices means buyers and sellers can browse property wherever they are.
The province with the majority of property listings is Gauteng, with OLX revealing that slightly more than half of all property listed on the platform comes from this province alone. In second place is the Western Cape, with 15.2% of the listings, and KwaZulu-Natal is in third place at 11.8%. Gauteng’s most active rental areas were Centurion, Randburg, Bedfordview, Fourways and Midrand, while in the Western Cape it was Goodwood, Claremont, Strand, Gardens and Gordon’s Bay.
The internet has up-ended many industries and the residential property market is next.
David de Waal (CA(SA))
CEO Steeple – The Low Commission Estate Agents