Property Trends 2019
Category Industry News
With 2019 now in full swing, the trends in the property market are starting to take shape, with a number of noticeable changes in the South African landscape that are worth taking note of.
It's still a buyer's market... for now
Properties sat for extended periods over 2018 and the first half of this year seems to be leaning towards being a buyer's market, but this could change as the country gears up for the national elections.
"Last year (2018) was certainly a year where buyers adopted a wait and see approach and we could potentially see more of the same for the first half of 2019," says The Agency MD Kyle Leigh.
"In the lead up to the elections, there is hope that we will get some clarity on policy uncertainty around land - and home ownership - which will in turn buoy consumer confidence. This means we should see an improvement in the market in the second half of the year which makes the current climate a prime opportunity for buyers to take advantage of favourable market conditions."
Semigration:
In 2018, the trend of semigration showed a noticeable decline, with fewer people moving to Cape Town from other provinces because of the water crisis, but with the dams bouncing back after strong winter rains, 2019 may see an upward curve as families from Johannesburg and Durban make their way down south.
"Cape Town, and particularly the Atlantic Seaboard, is still one of the most sought after destinations in the world as evidenced by the fact that Cape Town was once again voted the greatest city on earth for 2018 by the Telegraph Travel Awards," says Leigh. "The natural beauty, solid infrastructure, top rate schools and positive lifestyle, amongst other things, definitely makes the Mother City an appealing choice to many."
Tech set to change the game:
Technology, like in all industries, left an indelible mark on the local property industry in 2018 and you can expect that trend to continue through 2019 and beyond. As customers look for more streamlined processes - think how applying for a bond has moved online as opposed to face-to-face scrutiny in the bank manager's office - to help them in their journey, property agents will continue to look for ways to stay relevant in this ever-changing landscape.
As such, customers are looking for a new level of service from their agents, while agencies that offer specialist consulting and bespoke buying opportunities, as well as being experts in a particular neighbourhood / area, will find themselves preferable to agencies operating in a traditional manner.
"At The Agency Property Group, the two cornerstones of our business are 'transparency' and 'value-add'," says Leigh. "We believe it's vital for any business in this new age of technology to not only be completely transparent in their dealings but to add value beyond what is simply required of them from day to day dealings. They need to become trusted advisors who provide exceptional service."
Author: The Agency Property Group