Property expected to remain active this festive season and beyond
Category News
The broader economic outlook and latest Fitch and Moody's sovereign credit rating downgrades notwithstanding, the residential property market seems to continue its buoyancy.
Following what was initially thought to be a level of pent up demand driving buyer activity, five months later, it is now evident that the low interest rate and positive mortgage lending climate is having a sustained positive impact on the market.
Much of the demand is driven by first-time buyers able to secure home loans, but we are also seeing other buyers using this favourable market phase to improve their own lifestyle outlook with a new or bigger home and even a change of neighbourhood, or to move closer to schools or amenities.
Where we had approached the end of last year with a degree of caution, it seems that buyers will continue prioritising property acquisitions this festive season and into the first half of 2021.
The Hout Bay and Llandudno area is particularly popular because it benefits from the seaside location and proximity to the Southern Suburbs on the one side and Atlantic Seaboard on the other. Yet, it offers a laid-back and relatively quiet coastal lifestyle with less traffic and stress.
It has become a destination of choice for a wide demographic of buyers, from retirees to holiday and semigration buyers as well as investment buyers attracting not just locals to the property market but buyers from across the Cape, inland and upcountry areas and foreign buyers looking for a home in beautiful South Africa.
These factors continue to underscore the demand for property here. Property owners have also benefited from excellent capital value growth during the economic boom periods and properties have continued holding their value. Thus, in addition to choosing a good location, buyers know they are investing in a strong area.
The ongoing buyer activity, is great news for the sellers, but working with a local area specialist with a track record of sales success to provide guidance on realistic pricing remains an important part of a winning sales strategy as buyers continue dictating the pace in the market.
If you are thinking of selling, now is a great time to get into the market. With so much economic uncertainty there is little time to waste, so be sure to contact us to get your home into the system as quickly as possible.
Home is our Story, and property our passion. Whether you are actively thinking of selling or would like to know what your property might fetch in this market, please do not hesitate to contact us today!
Yours in Property,
Stephan Cross
Sales Manager - Seeff Hout Bay & Llandudno
Author: Seeff
