Neighbourhood 15 DECEMBER 2019
PROPERTY & LIFESTYLE
Cheers to property! Going into the new year, we give you the low-down on all the latest in the South African property market – and it is exciting for sure, page 2
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PROPERTY FOCUS: WHAT DOES THE FUTURE HOLD?
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PROPERTY NEWS
15 DECEMBER 2019
Neighbourhood
Property focus
Looking to the future Industry experts pin down the residential trends and price points likely to stick in the new year
OYSTER ROCK, UMHLANGA
WORDS: KIM MAXWELL
H
ow do property experts, bond originators and bankers expect the property market to play out during 2020, and which housing trends are likely to persist? The residential market has endured a number of challenges during 2019, but a leaner economy and flattening out of the market has also been a leveller for bargain-hunters, longterm investors and those with entrepreneurial nerve for risk.
IMAGES: SUPPLIED & SHUTTERSTOCK
“Buyers are more educated than ever and are really spoiled for choice, so it’s critical for sellers to price their properties correctly, especially in the upper income and luxury segments,” says Marcel du Toit, CEO at bond originator Bondspark.
WATERFALL RIDGE, MIDRAND
Home type and precinct trends Which are the home type trends with staying power? Pam Golding Property group chief executive Andrew Golding is backing these to succeed in 2020: sectional title accommodation in mixed-use developments in prime locations including urban precincts, that facilitate a secure, lock-up-andgo lifestyle. “For example, Menlyn Maine in Pretoria. Cape Town CBD has also been a key urban precinct for some time,” he says. In lifestyle estates, there will be a focus on creating a greater mix of price bands. Golding also singles out retirement developments, particularly those in secure, lifestyle estates; and affordable homes in towns traditionally considered as retirement or holiday destinations.
BOSMANS CLUB, STELLENBOSCH
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“There are areas such as Somerset West and Simonstown, where new developments ensure that more medical or education amenities are
available in what are often former retirement or holiday destinations,” says Golding. In Joburg, Rosebank “is experiencing something of a revival” and Pretoria is flourishing with projects such as the new R6bn mixeduse precinct Castle Gate development.
House pricing patterns But how’s the residential market looking in broader terms? Buysile Maseko, growth head of Gold subsegment at FNB Home Finance, says Deeds Office home transaction data for Q2 2019 shows that growth in house prices either declined or slowed across all price segments. The exception was the lowincome band where an average purchase price is R395,900, and where house sale prices grew by a 17,6% average year on year. Luxury value bands – R2,3m average purchase price – declined by a 0,23% average year on year. “We anticipate this residential price point trend will continue into early 2020, with higher participation in the lower end of the market,” says Maseko. BetterBond’s latest statistics show that 44% of bonds granted in the past year to end September, fell into the R500,000 to R1m category. Another 19% of bonds granted were in the R1m to R1,5m bracket.
First-time buyers BetterBond found that homes costing less than R1m tend to be dominated by first-time buyers, where 38% of all bonds were granted in this 12-month period, paying an average R982,000 purchase price.
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PARK CENTRAL, ROSEBANK
EIGHTONN, CAPE TOWN
BetterBond CEO Carl Coetzee says first-time buyers now account for more than 50% of its applications. “They’re receiving an increasing percentage of home loan grants – up 17,5% in the past year – so we expect sustained demand in this category, especially now that banks have re-introduced products that enable buyers to borrow up to 105% of the home price, to cover transfer and transaction costs.” Pam Golding Properties Pretoria regional development sales manager Ilma Brink says affordable properties in the R1,3m to R1,6m price range sell well and are always in demand. Yet location remains key in new developments such as The Regency, the first luxury apartments in Pretoria East, close to Menlyn Maine shopping. In Joburg, Pam Golding Properties area specialist Kayte Denham says Rosebank is set to almost double the number of sectional title properties when its new developments come to market. Park Central offers lockup-and-go Rosebank apartments in a convenient location close to business hubs. One-bedroom units in this luxury development with a rooftop pool, gym and amenities, start at R1,99m.
three times longer to sell a property in the upper end of the market as opposed to the lower end.” Yet the luxury market seems to be holding. “The latest BetterBond statistics show that 7,5% of all bonds granted in the past 12 months (to end September) fell into the R2m to R3m price category, compared to 8% in the previous 12 months,” says Coetzee. “And while only 4% of bonds fell into the R3m+ price category, this was unchanged from the previous 12 months – thus no major shift at the top end of the market for the past two years.” Pam Golding Helderberg agent Edelweiss Hankey says demand for luxury properties in Somerset West remains robust, despite a slowdown in many areas at the top end. Property data showed that more than a quarter of the 1,553 homes sold in Somerset West were estate homes, according to Gordon. Sold between August last year and July this year and offering a secure
lifestyle (often views too), these estates were near popular schools. “Demand for property is seen across all market segments, with investor interest from a broad demographic,” says Gordon. The average price of 130 repeat sales in Somerset West over the past 12 months was R5,5m. “We see sellers are opting to hold on to their properties amid unfavourable selling conditions and increased bargain hunting in the higher priced segments,” says Maseko. “This has somewhat narrowed the supplydemand gap in those segments, and we expect that to continue into 2020.”
SIMON'S TOWN
2020 HOME TRENDS IN A NUTSHELL • • • • • • • • • • •
Mixed-use sectional title in prime locations Lifestyle estates with mixed price bands Student accommodation Retirement developments in secure estates Affordable homes in traditional retirement or holiday towns Lock-up-and-go units in urban precincts Hotel-like services in luxury urban apartments Majority of sales in first-time buyer pricepoints Luxury still selling, but taking longer Financial prudence Renegotiating interest rates
Rosebank was one of four urban locations highlighted for its livework-play lifestyle and numerous sectional title developments, in Pam Golding Properties’ recent year-onyear comparison (until August this year), using Lightstone statistics. Senior research analyst Sandra Gordon says these findings also singled out popular Umhlanga Rocks and Umhlanga New Town Centre in KwaZulu-Natal for achieving the strongest sales in recent years. In Umhlanga Rocks, the bulk of sales were above R3m.
Luxury still holding “We’re finding that properties within the higher residential price points are staying on the market longer than those in the lower end,” says Maseko. “It’s taking about two to
STOCK EXCHANGE
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PROPERTY NEWS
15 DECEMBER 2019
What’s hot and what’s not Moving into the next decade, there are trends which are being binned and a host which are fresh, emerging or evolving
Neighbourhood
D
ecor and lifestyle trends are usually sparked by lifestyle, or local or global moods or attitudes. Given the economic and political noise emanating from almost everywhere, no surprise that there are innumerable trends.
Out
Krystal-Lee Terblanche, Olalala Interiors, gives the run-down on elements heading for the door. “We’re seeing far less beaten metallics, mirrored furniture, industrial accents, and Boho.”
WORDS: ANNE SCHAUFFER
She says white spaces, aka the very clean Scandi look, are set to be traded in for bold warm colours and confident spaces – a mix of modern and traditional. Likewise minimalism. “It has its place for city millennials, but it’s not practical with family, pets, kids and so on. And PS, the days of the Edison bulb are over.”
IMAGES: SHUTTERSTOCK
In
Lots. Terblanche points out a handful of her favourites. “There’s a new wave of abstract energy, with bold geometrics, hand-drawn sketches, and playful blocks of colour – this look is all about expressing personality in our homes, evoking emotion and creating a mood. “There’s also a leaning towards ‘honest comforts’, a combination of comforting textures, calming colours and decorative details. The creation of a personal sanctuary, a low-maintenance look with weathered woods, faded tones and time-worn finishes.”
She says “structured stability” as a trend is evolving from the 2019 Nordic Retreat trend, the purpose of which was to create a safe inviting space in which to rest and regenerate. “This trend will see homeowners swopping bold and bright for soft and neutral – the sustainably conscious will latch on here.” She sees continued growth of the soft tropics, perhaps more diluted with different colour pallets. Palm prints still rule, as is bringing nature into our homes. We’re responding to the practical benefits of bringing the outdoors in, drawn to the improved air quality, and feelings of relaxation and positivity. “An indoor tree can transform a room be it a space filler, pop of colour, or the introduction of a structural element. Vertical gardens, too, will be around for the next few seasons.” There’s a nomadic trend lurking too, with a thread of unapologetic authenticity that’s warm and welcoming. “All our most-loved collectables and possessions perfectly curated into our living spaces. Think handdyed prints, pottery and terracotta, rich tones and rugged textures.” And last season’s retro revival is evolving. Terblanche describes it as deco meets mid-century, with a certain flamboyancy, extravagant wallpapers, plush textiles, accent furniture with character, glossy marble and brass. Eclectic glamour. There’s also a leaning towards “refined glamour”, where the glam has less sheen and is more sophisticated. “Luxury materials are used to create
statement decorative details… velvet, marble, smoked glass, natural pearl, rounded furniture”. Retro fusion, too, is an emerging trend – contemporary design pieces with clean lines. “This involves being creative with walls, giving them a retro vibe with paint techniques – painting ceilings or a geometric pattern such as half a triangle on one wall to create impact.” For many, sustainability is a strong driver, timber from FSC (Forest Management Certification), knowing from where your flooring is sourced, is it renewable, reclaimed, natural, recyclable, are they accredited suppliers? Are those hides from a reputable, sustainable source? Using natural elements as a framework around which to develop spaces. “Sustainability sparks a fuller interest in, and appreciation of, nature, which motivates people to protect and preserve it.”
Colours, fabrics and wallpaper
Terblanche pinpoints grey, mustard, jewel tones, natural pearl, blush pinks, black and petrol blue as colours to watch. Velvet fabrics will reign supreme, with wallpapers being either bold (tropical leaves still up there) or iridescent. She says fibre-guard fabrics have come to the fore. “Think fabrics with high performance, excellent durability, optimum washability, easy to clean – fresh-looking fabric with stain-free technology. Consumers want low maintenance, child and pet friendly, and at the right price.” And of course, local is still a massive driver. Source it, buy it, support it.
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