A snapshot of the current property market in KwaZulu-Natal
Roger Hoaten, Managing Director of Seeff Berea, reports that the KwaZulu-Natal (KZN) property market has fared somewhat better than expected in 2018.
He says: “Current sales figures from Seeff licensees across the KZN region reflect a 9% increase in value for the first half of the year compared to 2017. On the downside, 2017 was not a particularly good year and much was expected of 2018 following the political change that took place at the end of that year.
“We are now in a buyers’ market. While it is easy to sell during a sellers’ market, given that there would be buyers aplenty competing for a limited pool of properties, the opposite tends to characterise a buyers’ market. There are more property listings for the seller to compete with and fewer buyers interested in property. The result is that it takes longer to sell. Some statistics reflect that in KZN it takes up to 21 weeks to sell the average property, whereas in Pretoria the turnaround time is as short as 11 weeks.
“On the upside, selling in a buyers’ market allows sellers in turn to buy in that same market, and excellent value may be found: a clear case of swings and roundabouts. Timing the market is almost impossible, and with a market in recovery mode (albeit slow and sporadic), one may well look back upon this period thinking that one should have sold and bought while the opportunity presented itself.
“Based on historical annual statistics the second half of the year should see improved performance in KZN, and if full confidence returns to the market significant increases in sales will be seen. In terms of areas that have performed particularly well in KZN in the first half of this year, the Seeff offices on the South Coast and in Umhlanga are noteworthy with gains of up to 53% over last year. The central areas of Durban have seen lower than expected levels of activity. The high level of activity in the coastal areas has been a pleasant surprise and an indication of purchasing patterns in the province.
“Is this an indication that buyers are moving away from the central Durban areas? Time will tell, with the Berea and Queensburgh in particular offering tremendous value and convenience in terms of proximity to business and trading hubs as well as the major arterials.
“It was always expected that the second half of the year would see a stronger market with optimism returning, yet political uncertainties and continuing revelations regarding corruption are clouding the picture, making predictions risky.”
Contact co-owners of Seeff Berea, Roger and Glynis Hoaten at 082 457 7117, roger.hoaten@seeff.com or 082 797 8246, glynis.hoaten@seeff.com.
22 Aug 2018
Author Seeff
He says: “Current sales figures from Seeff licensees across the KZN region reflect a 9% increase in value for the first half of the year compared to 2017. On the downside, 2017 was not a particularly good year and much was expected of 2018 following the political change that took place at the end of that year.
“We are now in a buyers’ market. While it is easy to sell during a sellers’ market, given that there would be buyers aplenty competing for a limited pool of properties, the opposite tends to characterise a buyers’ market. There are more property listings for the seller to compete with and fewer buyers interested in property. The result is that it takes longer to sell. Some statistics reflect that in KZN it takes up to 21 weeks to sell the average property, whereas in Pretoria the turnaround time is as short as 11 weeks.
“On the upside, selling in a buyers’ market allows sellers in turn to buy in that same market, and excellent value may be found: a clear case of swings and roundabouts. Timing the market is almost impossible, and with a market in recovery mode (albeit slow and sporadic), one may well look back upon this period thinking that one should have sold and bought while the opportunity presented itself.
“Based on historical annual statistics the second half of the year should see improved performance in KZN, and if full confidence returns to the market significant increases in sales will be seen. In terms of areas that have performed particularly well in KZN in the first half of this year, the Seeff offices on the South Coast and in Umhlanga are noteworthy with gains of up to 53% over last year. The central areas of Durban have seen lower than expected levels of activity. The high level of activity in the coastal areas has been a pleasant surprise and an indication of purchasing patterns in the province.
“Is this an indication that buyers are moving away from the central Durban areas? Time will tell, with the Berea and Queensburgh in particular offering tremendous value and convenience in terms of proximity to business and trading hubs as well as the major arterials.
“It was always expected that the second half of the year would see a stronger market with optimism returning, yet political uncertainties and continuing revelations regarding corruption are clouding the picture, making predictions risky.”
Contact co-owners of Seeff Berea, Roger and Glynis Hoaten at 082 457 7117, roger.hoaten@seeff.com or 082 797 8246, glynis.hoaten@seeff.com.
22 Aug 2018
Author Seeff