The Year in Reflection, and 2020 Expectations For Property.
Category Principal's Message
Security Estate & Sectional Title on the Rise
Security Estate vs Freehold homes is on the rise, and in the last five years have out-sold freestanding houses by approximately 6%.
Kwa-Zulu Natal North Coast Remains Sought-after
KZN's North Coast region and Umhlanga are still a strong region of growth - Due to semigration from other provinces within South Africa
Popular Property Price Bracket
Overall the most popular property price bracket selling nationally is between R400k - R1.5 m. Anything priced over R3m is in the lowest demand bracket with only 5% sales.
Best time for a Bond
Now is the time to get a bond, with the highest bond approval in the fourth quarter of this year. For the year to date, the average concession is just 0.04% above prime - the best rate charged since January 2011.
Emigration Still Catalyst for Sales
Emigration has also become a more prominent factor in the last two years. According to FNB, emigration sales have risen to 13.4% in the second quarter of 2019 - which represents a 10-year high.
Accurate valuations and realistic pricing
This remains key to be considered in this market - underlining the critical importance of accurate, market-related pricing when a property is first brought to market.
Looking at 2020
Given that any recovery in the housing market is likely to be modest, now more than ever it is advisable for homeowners to focus on location and minimal overheads.
Well-located growth nodes are increasingly appealing for convenience, reduced transport costs and future return on investment, when selling or renting out.
Houses with water and energy saving features, or located within a development or estate with green amenities are likely to become increasingly attractive to buyers.
Author: Prime Property Marketing
