Property sees growth

2018-06-06 16:00
Cindy Norcott, well known public speaker, author and owner of a recruitment firm in Westville, said at The Witness KZN Property Pages PMB Property Conference on Tuesday that business people nowadays need to grow their own brands as experts in their fields, as well as the brands of their companies, in order to be successful in business. She was photographed (left) at the conference signing a copy of her book with Vanessa Foxon, from the Dormehl Phalane Property Group (right).

Cindy Norcott, well known public speaker, author and owner of a recruitment firm in Westville, said at The Witness KZN Property Pages PMB Property Conference on Tuesday that business people nowadays need to grow their own brands as experts in their fields, as well as the brands of their companies, in order to be successful in business. She was photographed (left) at the conference signing a copy of her book with Vanessa Foxon, from the Dormehl Phalane Property Group (right). (Ian Carbutt)

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The middle and lower income property markets are growing again due to political changes at the start of the year, SA Home Loans marketing and sales director Crispin Harrison said on Tuesday.

He said at The Witness KZN Property Pages PMB Property Conference at Golden Horse Casino that the value of new mortgages had risen by eight percent in the first quarter compared to the same period in 2017, “which is the best improvement we have seen in eight years”.

He polled the many estate agents in the audience about their views on how much the Pietermaritzburg property market had grown this year, and most said four percent to seven percent, although some reported no growth.

The estate agents also reported that most of the growth they were seeing was in the middle income market, where houses are priced R700 000 to R1,5 million. The lower priced market under R700 000 was also doing well.

Harrison said the views of the PMB estate agents reflect trends nationally, where middle and lower income housing markets are growing again, after being “laggards for some years”.

Last year had been the third consecutive year where an after-inflation slowdown in house prices, overall, had been recorded, he said. In a separate poll, most of the estate agents at the conference indicated they are not concerned that the government’s plans for land expropriation without compensation will have an impact on the property market.

Harrison said he believes the land issue should be addressed by the government as soon as possible, rather than let it fester in the minds of people over a long period, and it was an essential issue to talk about in the housing market.

He said homes are unlikely to be expropriated, as houses occupy only two percent of the country’s land mass.

Harrison said there remains much confusion about what constitutes white- and black-owned land. He asked, for instance, what the colour was of the land at the Kruger National Park, what the colour was of government land, of land owned by the Ingonyama Trust and of jointly-owned land.

He said the SA property market had lagged global markets for some time due to political uncertainty, and opportunities would arise in future from the pent-up demand for property.

Read more on:    pietermaritzburg  |  property market

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