2021-02-08 04:53:22

8 Feb 2021 @ 04h45 - Lightstone Property

Broadcast Type: Interview; Tags: Demand, Supported, Large, Numbers, Time, Buyers, Repeat, Buyers, Downscaling, Expensive, Properties, Talk, Head, Real, Estate, Lightstone, Property, Dyani, Marks, Giyani, Good, Morning, Money, Fairly, Accurate, Reading, Property, Properties, Rand, Remain

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minutes to five o'clock morning this monday time to look at matters is property it expected that the demand for homes at less priced than two in million rand rand is is to remain remain expected expected to very very lively in twenty twenty-one as as long interest rates remain at current levels will see demand this being supported by large numbers of first time buyers as well as repeat buyers downscaling from their more expensive properties to talk about here head all of that is the of real estate at lightstone property's dyani is marks its giyani welcome very good morning and to the show in money having thanks for me that is it fairly that is a accurate reading right the property at less than properties two million rand should fairly should remain active in south as the africa for as long interest rates are low be it will what we call the million one point five to three million market being like luxury market a and and you know we it's actually very interesting to say this but specific that market the luxury market lowest had actually the number of new registrations in and twenty two thousand which means the first time registration properties in in terms terms of of volume violence however however at if if we we look a like your third quarter twenty of twenty the luxury market had the most number of registrations overall and also accounted for highest value the style which was actually the most predominant for part of twenty nineteen and twenty twenty so ja i think that definitely trend will follows to in the year twenty twenty-one and was a shift because of in the decrease the interest rates do things who so people would have been in a positioned position to only r&r afford r&r only afford eight hundred h thousand i to one point two million rand property now all of a sudden becomes eligible to buy one one point eight million and a half rand property multiple factors that actually contributes to people luxury moving into the market which we co one point to three million five and ja it's actually us on both in sides are absolutely people are actually that able to afford the interest more because it's rate dropped but also your your more than luxury luxury market market launched the luxury that at may have to downscale that and then at move into into that lucky packet so yes i think there's multiple that actually factors contributes to that movement do the two and how major cities compare joburg cape town to look i mean we actually wanted to see what it looks like of provinces in terms and metros and maybe chat about if we that in the will next session which be very interesting however what so you we can now is if we look south africa as a whole at value properties in the band of one point five million to three the luxury market accounts for eleven two percent point of the total number of properties however it accounts for two thousand percent and six if the value of properties in south africa so it's definitely the biggest pool of property of in terms of value are you seeing where else activity in the for market property for market for for twenty for twenty for twenty-one twenty-one we gonna see be interesting to you know what and we're was going to happen gonna follow the trend very closely and as you know there's of a lag been a bit in the deeds offices had to close which quite often due to covid so we are expecting all of the deeds to to catch up and and to be filtered within the next week or two then we'll be able and what to see you know happened in the last two to months three and we email we to predict will be able will to be predict able what's going on what's going to happen going forward one of the things also i just wanted to highlight today in terms of the luxury market is that in you look terms of you if at the house price performance luxury market didn't perform that while in terms in twenty twenty of growth in value however market that also had the second least sales in number of execution notice there's sales thousand execution in the second and fourth quarter twenty do of twenty twenty do i think i that think that that is they also time very good for for that specific market segments the for twenty twenty-one year that that is head of i do the imagined though that the lack of growth in value was all consistent across the various market segments right definitely and was definitely an actually market debt performed worst of all the however the i think due to change in you know the work home from and movement or work from anywhere and movement the interest those rate dropped and all of accounts to enable has that we'll see probably a movement into the luxury market bit more a which will then most probably the value affect of of that thousand market in two and twenty-one and and let's a positive hope for effect do indeed but it pretty much a is buyers market still right out there yes yes ninety definitely nine definitely definitely definitely and i think as interest rates long as the are being kept close possible we which are most people predict be for it to this low for at least first half in the this year i think we still see will quite a lot of movement in in the market so what would you advise them sellers because if it is a buyers market it means that unfortunately the sellers have a depressing will time because be able to they will not get the value that were hoping for they from the poverty that are selling selling they and look there there are are people people need need to sell who who will will their not their not as much income earning anymore they they to perhaps they need dispose and and and and get to a level of liquidity for many many other reasons and a house and the sale of a house might be one things so so of those you do have those who absolutely have no choice but to sell others who could afford but to wait a couple of months a couple of years imagine even i you'd advise them right to wait a bit it's all about supply and demand and i if see if you look you at look a at property the property in general properties in general yes then that drew applies definitely however you know it's it's to look very interesting at you scenarios for and the reasons selling i should just mention so these days people that still really do get for for value their homes depends after on the demand buyer even though the market in itself may have a lower percentage of terms of value growth in you can specifically individual as an and still get quite very close two value maybe to sometimes even above depending the needs on and requirements of the buyer ja so it it is a buyers market however i think there so there much room for negotiation between the buyers and sellers the reason depending on for selling buying and the reason for but just going to see to be very interesting what's going to happen year in this to see the value of properties actually going are to decline market due to the market and overall or whether stability you know there's or some growth varies there we very are excited actually to see what's going happen in the market to test gambia interesting dyani is thank you very much for your insights remarks ahead of real estate at lightstone property's looking forward to what will be a very interesting market i suppose property market thousand and come two twenty-one listening seven to cape talk and o two its