#PropertyReport: Resilience – a strong factor in the North Coast property market

There has been a sentiment change in the local property market over the last few weeks, and there is no question that April was a tougher month in the KZN realty space than normal.

The floods and the considerable damage caused basically meant all bets were off for two to three weeks after the second week in April.

Understandably, residents, buyers and sellers had a lot more on their minds to deal with in the short term, rather than thinking of long-term plans and aspirations.

Lest we forgot, April is also traditionally a disruptive month because of the glut of public holidays.

People do not realise how that, in its own way, disturbs the rhythm and momentum of many markets, because both local residents and holidaymakers have many other focal points during this very social period over Easter, Freedom Day and Workers’ Day weekends.

That being said, many clients visit our town during the Easter period and start looking and laying down foundations to buy and relocate to this area.

This year unfortunately, the floods and infrastructure challenges, prompted many potential buyers to cancel their trips, so this was a bit of a setback.

We cannot go back in time and change anything, but it is all about looking forward and remaining positive – and we certainly have lots to be positive about.

A property we have listed that had no viewings for the whole of April, suddenly had six viewings in two days.

This illustrates a positive shift. It is also good to remember that 2021 delivered a national record in the total value of sales, which topped R326-billion.

More importantly, during the same period the total volume of sales reached close to 300 000, the highest since 2008, while the house price inflation was still a healthy 4.5% year-to-year.

We are now set to enjoy an uninterrupted period knowing there is only a single public holiday in June (Youth Day), and of course the June/July school holidays.

Looking ahead, I expect some solid momentum for the next 3 months.

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