Indicators suggest a positive property market

As everyone returns from their holidays and timeouts and re-enters the work life, everyone in the property industry begins to wonder what this year will hold in terms of the market.

Indeed, anyone working in the property industry will have no doubt been asked during the festive season for their opinion and, more importantly, what their prediction is for 2023.

As always it’s very hard to predict in the first week of January how the year will go since either best-case or worst-case scenarios, and everything in between, is still on the table.

We can’t control lockdowns, riots, natural disasters, rising interest rates or energy issues, but we do know how the market has performed over the last few years and, being in the industry day in and day out, we can get a feel of how things might develop this year.

Personally, I think there are many reasons to be positive for the year ahead.

What is particularly comforting is how KZN has performed over the last eight years. During this time, in terms of property price inflation across all nine provinces, KZN has had the most consistent and stable growth.

We may not have had some of the highs that the other provinces have had, but we most certainly have not been anywhere near the lows.

This kind of growth always gives a feeling of confidence that KZN should again experience a consistent, solid year.

This province has so far proven to be more resistant to market fluctuations and challenges during the last few years.

Taking a deeper dive into Ballito and surrounds, I feel we have more reason to remain confident as coastal residential prices have been steadily inflating recently at more than double that of the inland markets.

Additionally, the increase of more entry-level homes in this area continues to increase at a rapid rate, which will further strengthen the market in a sector which is vital to propping up sales in the higher price ranges.

Further to this, we experienced a busier than normal December and so far, albeit too early to call, a very active and busy start to January.

This is a good indicator of how the rest of the first four to six months will go.

On top of this, I predict a busy and buoyant rental market, boosted by more stock coming back from the investor market from the raft of new developments coming on stream.

If you add all this up, with everything we already know about why the North Coast is so desirable, I truly believe that the 2023 property market won’t disappoint.

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