CapeTalk 567 AM

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, Stat, Good, Morning, Money, Fairly, Accurate, Reading, Property, Market, Properties, Rand

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