Dolphin Coast is still the property hotspot

The Dolphin Coast is still a real estate ‘hotspot’ where prices are expected to hold up well, according to estate agencies readying to return to business after the two-month lockdown.

Mark Johnson of Seeff Estates and Simon Peacock of Remax Dolphin Realtors agreed this week that the outlook for the next few months was going to be as difficult for the real estate business as for any other that has suffered under the Covid-19 restrictions, but they were sure that better days lay ahead.

“While it is too early to say definitely where the market will go, we have already had a lot of interest in buying here,” said Johnson.

At 7,25% the interest rate has not been as low for many years, which has led to buying property being more favourable in the long term than renting. Ooba, the home loan originator, reports that more than half of recent enquiries have been from first-time buyers.

“This is especially good for property in the R850 000 to R1.5 million bracket,” said Johnson.

While stock at that price is scarce on the North Coast, Balwin Properties’ Ballito Hills development and the redeveloped Ballito Bay Mall are expected to be offering properties in that range.

And while that level of the market might be attractive, he warned first-time buyers to be careful and deal only with reputable estate agencies and bond originators.

Both agents agreed that Dolphin Coast property had been slightly overpriced before lockdown, and although a correction might be due, they did not expect “fire sale” pricing to move property.

“We are still a hotspot for upcountry buyers and interestingly, we are also seeing interest in properties outside the estates from buyers who find them too claustrophobic,” said Johnson, adding that Seeff had recently concluded a R12 million deal on the Salt Rock beachfront.

Remax Dolphin Realtors kicked off Monday with a bang, with 65 viewings of properties they had received enquiries on over lockdown.

“I am quite excited – the future is fairly bright at the moment,” said Peacock, who predicted that the virus would not put a damper on the growing interest for the area with buyers from Durban as well as inland.

“People who have been sitting on the fence have realised that life can change in a heartbeat, so they are deciding to take the plunge and move to the North Coast.”

The lockdown had also brought the realisation that work can be done remotely and effectively. Business people who have been commuting to Johannesburg weekly now reckon on working from home and saving the airfares, plus the added benefit of being with their families.

“I believe that the Dolphin Coast has a bright future for many years to come. At these interest rates, probably the best in 50 years, there are some incredible properties to be had,” said Peacock, singling out the Zululami and Seaton estates now in development as extremely desirable investments.

Do you want to receive news alerts from The North Coast Courier via WhatsApp? Send us a WhatsApp message (not an sms) with your name and surname to 061 718 4438.