PropertyFox Neighbourhood Insights – Dec 2018
We look back and share our insights of what the month of December brought for the property market in South Africa.
Coastal Homes for the Win
Coastal properties, especially those within close proximity to the ocean, boomed over December. In the last quarter of 2018, North Beach in Durban saw an increase of 130% in viewings while Sea Point in Cape Town saw an increase of 135%.
Aside from the obvious appeal of living close to the beach, the viewings might have been as a result of the holiday period. Prospective buyers might have been visiting these places and scouting for holiday homes or a change of scenery while they were in the area.
Change of View
Although we’ve seen a spike in the coastal areas, we saw a significant decrease in viewings in Cape Town’s Southern Suburbs. Viewings here dropped by a whopping 70%, again, quite possibly because many prospective buyers had gone on holiday.
Coastal properties, especially those within close proximity to the ocean, boomed over December.
As December is notoriously slow for both seller and buyers due to the Deeds office being closed from mid-December to mid-January, lower viewings are inevitable over this period. Usually, buyers increase in coastal areas or holiday areas over this time.
We are predicting an increase for the coming months as schools have reopened and prospective buyers might be looking in catchment areas and popular education zones like the Southern Suburbs.
Our top areas, besides the coastal areas, where viewings were scheduled in the month of December were Brooklyn (Gauteng), Kyalami Hills (Gauteng) and Observatory (Western Cape).
There was a significant increase (105%) in homes entering the market in the early half of December, with many clients wanting the admin out the way, so we can focus on marketing the properties the moment everyone was back from holidays. Viewings overall decreased due to the festive season, but we predict an increase in the second half of January as everyone is back at work, and kids are back at school by then.