#PropertyReport: First-time buyer uptick a boost for property market

There really has been an exciting change in the Ballito property market in the last year or two, a much needed emergence of products to accommodate the first-time buyer market.

This has been sorely lacking in this area and was a definite necessity as this region had never really catered for this sector, at least not in meaningful numbers.

Ballito and the wider North Coast have historically catered for 2nd and 3rd time buyers, along with 2nd home and holiday home buyers.

To be frank, particularly with regards to the South African market, the North Coast has the best estates market, freestanding options and beachfront complexes, but where do the buyers for these homes come from?

By and large it’s not from Ballito, rather Gauteng, Durban North and the Upper Highway as they have much more first-time buyer products to upgrade from.

In my opinion this scenario will start changing in the next few years.

Recent developments catering for first time buyer such as in Ballito Hills, Ballito Village and the even newer Bliss, have shown the appetite for the first-time buyer market to augment the already established complexes such as Shortens Estate, Manor Estates and Sheffield Manor.

Furthermore, they have been selling. Ballito Village has sold out 95% in phase 1 and 2 and already sold out 80% and 90% of phase 3 and 4.

Bliss, which launched a few weeks ago, sold out all its units in the first phase in one weekend and was oversubscribed, so there is clearly a high demand for these properties in our area.

To have a competitive market, an area needs to have options in all property categories, and with Ballito now experiencing an emergence of properties starting from R700k, we will be able to start filling holes in that section of the market that have been lacking, and should be able to accommodate better numbers given the differing choices that now exist.

Successful property markets rely on many factors, but without first-time buyers the upward chain of transactions barely exists as first time-buyers and investors are needed to create 2nd-time buyers and so on.

It’s also beneficial to an area to have a younger demographic moving in. I, for one, am embracing this change.

For breaking news follow The North Coast Courier on Facebook, Twitter, Instagram and YouTube.

Join our Telegram Broadcast Service at: https://t.me/joinchat/yJULuN8NaCs5OGM0

Join our WhatsApp Broadcast Service: Simply add 082 792 9405 (North Coast Courier) as a contact to your phone, and WhatsApp your name and surname to the same number to be added.