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Property trends that shaped SA's residential sector in 2020

Property trends that shaped SA’s residential sector in 2020
Myles Wakefield
Like many industries, the residential property sector felt the impact of Covid-19 and lockdown effects.
Myles Wakefield, Wakefields Real Estate CEO, says the market was a rollercoaster ride – stopping, starting, then coming to a complete halt.
“In June when the sector could trade again, we experienced a surge in buying which has continued since,” says Wakefield.
Buying activity was fuelled by the 50-year low interest rates, the banks’ generous propensity for granting loans, and to some extent, pent-up demand.
Property experts and estate agents say property trends including low interest rates and falling house prices have reignited the sector. ....

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Financial stress, divorce, empty buy-to-lets: Why so many SA property owners are selling

Financial stress, divorce, empty buy-to-lets: Why so many SA property owners are selling
The percentage of homeowners selling their properties because of financial stress reached 23% by the third quarter of 2020.
According to the FNB Property Barometer November 2020, owners with properties below R750,000 accounted for 30% of sellers. Those offloading properties priced between R2,6 million – R3,6 million came in second, recording a high of 27%.
Financial pressure forcing many to sell
Siphamandla Mkhwanazi, FNB senior economist says sales as a result of financial stress increased between Q1 and Q3. In Q1 2020, those downscaling due to financial pressure accounted for 18%.
He says most of the properties were priced below R750, 000. Of those sellers, 62% indicated that they would be buying cheaper properties with 38% saying they would be renting. ....

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SA's affluent homeowners ditch selling to refurbish their luxury properties

Newly renovated apartment in Clifton selling for R59,5m through Seeff.
This is according to the FNB Property Barometer November 2020. Anecdotal evidence suggests that homeowners are withdrawing properties on the market for sale, in favour of home improvement.
According to the report, homeowners are believed to be using savings, thanks to low interest rates and travel cost reductions.
Siphamandla Mkhwanazi, FNB senior economist, says with many people working from home, many affluent homeowners want better work-at-home environments.
“The market is still excessively supplied, and selling conditions add to the problem,” says Mkhwanazi of the top end of the residential market. ....

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