Estates, drones and retirement homes will have their moments next year
Next year is predicted to be a buyer’s market for property. “The market is going to be affected by business and consumer confidence levels and we expect these to differ regionally and from area to area,” says Berry Everitt, CEO, Chas Everitt International Property Group.
“There will be challenges related to the country’s current political and financial difficulties, but overall, it will be a buyer’s market – and buying is what the smart investors and consumers will be doing, whether they are first-time buyers getting a toehold in the market, buy-to-let investors building up their portfolios or existing homeowners upgrading to bigger or more luxurious properties. A trend bubbling under now is for family members to assist homebuyers to finance their new homes. Parents and grandparents are taking second bonds on their own homes, providing assets or cash as collateral to help younger members of the family become homeowners.”
Gated estates and complexes which offer a combination of lifestyle and security will be sought-after. “Open plan living is always popular and there has been a market shift towards low-maintenance community living, whether in smaller complexes or lifestyle estates,” says Maurizio Dalle-Vedove, area specialist, Lew Geffen Sotheby’s International Realty Durban, Durban North and Umhlanga. “We’ll see more focus on retirement villages as the demand continues to outweigh supply and eco-efficient homes and eco-estates will also become more prominent.”
Recently built homes in new developments will also prove popular as they satisfy the demand for modern design and make good investments. “With the surge of development property coming on the market, it would be very wise to invest if it is possible. Being able to purchase a property at today’s prices and only start paying for it in approximately 18 months makes great financial sense,” says Kerry Bailey, Principal, Tyson Properties Umhlanga.
Developments will not be confined to outlying areas of major centres, either. “Due to the increasing pace of urbanisation, we also expect to see more densification wherever this is possible in high-demand, central suburbs that are close to all amenities and well-served by public transport,” says Everitt. “Developers will once again be on the hunt for older homes on large stands that they can rezone for multi-unit sectional title and cluster projects in areas such as Fourways, Rivonia, Houghton and Rosebank in Johannesburg; Brooklyn and Lynnwood in Pretoria; Durban North; and many of the Southern Suburbs of Cape Town.”
In terms of marketing, virtual tours and 3-D imaging will become increasingly popular next year. “Online media marketing, including virtual tours, is becoming the trend as the results and the reach is proving to be far better than print material,” says Bailey. “Drone photography will also become more relevant as commercial licences become more freely available and the most talked about will probably be the use of Matterport cameras to create 3-D models of home interiors that give potential buyers an immersive, interactive experience of being in the property they are viewing online,” says Everitt.
Words: Candice Botha