Adore Magazine | Special Holiday Edition| Durban | Dec 2023

PROPERTY & LIFESTYLE MAGAZINE

ADORE

BY PAM GOLDING PROPERTIES | DURBAN | DEC 2023

SPECIAL HOLIDAY EDITION

A

FOREWORD s we near the conclusion of yet another year, I, Mohammed Amra, your dedicated franchisee representing Pam Golding Properties in Durban, would like to seize this moment to convey my heartfelt appreciation

for the remarkable support you've extended to us throughout the year 2023.

Your trust and confidence in Pam Golding Properties has been the driving force behind our success this year. We have witnessed remarkable achievements together, from guiding you through the exciting process of buying your dream home to navigating the complexities of the property market with expertise and care.

Whether you were a first-time buyer, seasoned investor, or someone simply seeking guidance and advice, each interaction has been a privilege and a source of immense satisfaction. Your positive feedback and success stories are the true markers of our commitment to exceeding your expectations.

As we look towards 2024, we are filled with optimism and excitement for what lies ahead. We are committed to continuing our unwavering dedication to providing you with the highest level of service, expert market knowledge, and a personalized approach that ensures your property needs are not only met but exceeded.

We are confident that with your continued support, we will achieve even greater heights in the coming year. We are here for you every step of the way, ready to help you navigate the ever-evolving property landscape and achieve your real estate goals.

Mohammed Amra Franchisee & Principal Pam Golding Properties Durban

From the bottom of my heart, thank you for being a part of the Pam Golding Properties family. We wish you and your loved ones a joyful holiday season and a prosperous and fulfilling 2024

5.

Welcome the Festive Season

stnetnoC

Top 5 Christmas decor trends for 2023

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Remarkable Human Properties There are many remarkable human properties. But it’s the human ones we value most.

10.

Top tips to ensure a positive and successful home buying journey by ooba Home Loans

12.

Property Collection

View our specially curated selection of available properties in our areat

39.

Positive Outlook for Property Market for 2024 Market Overview & Outlook by Dr Andrew Golding, chief executive of the Pam Golding Property group

Welcoming the Festive Season TOP 5 CHRISTMAS DECOR TRENDS FOR 2023

CHRISTMAS DECOR TRENDS Christmas heralds a season of joy and festivity, transforming our homes into vibrant havens. It's a time characterized by warmth, love, and generosity, making it the perfect occasion to adorn your home with stylish decorations.

For a head start on decking the halls in preparation for Christmas 2023, we're delving into the top 5 decor trends as highlighted by experts at House Beautiful.

While the classic red and green theme remains eternally cherished, 2023 invites us to explore new frontiers in holiday decor. From the allure of glass ornaments to the sophistication of metallic accents and the embrace of warm color palettes, this year's Christmas trends promise to imbue your home with a touch of elegance, charm, and modernity.

Glass Ornaments: Effortless Elegance A notable trend that designers are incorporating this year revolves around the inclusion of glass in Christmas decor. The inherent elegance of glass offers a striking counterpoint to the more intricate holiday embellishments.

Delicate shapes and translucent colors characterize glass ornaments, featuring handmade textures that introduce a touch of enchantment to any space.

Whether suspended from your Christmas tree or artfully arranged in bowls as centerpieces, these glass ornaments are sure to captivate your guests and cultivate a serene holiday ambiance.

Metallics, Brass, and Chrome Accents: A Touch of Glam

Brass and chrome decor are enduring trends that extend beyond the holiday season. You can seamlessly shift from a festive look to a year-round style by exchanging seasonal foliage. For instance, a brass vase embellished with holly can easily morph into a stylish container for spring cherry blossoms. These metallic accents bring a touch of glitz and glamour to your home, guaranteeing that your space radiates sophistication.

CHRISTMAS DECOR TRENDS

Warm Colours: Adding a Cosy Glow

Move beyond conventional color palettes and welcome the warmth of hues like blush.

According to Amanda Macuga, incorporating blush alongside traditional gold, silver, and jewel tones imparts a revitalizing and snug radiance to your holiday decorations.

Minimalism: Embracing Simplicity

If you appreciate minimalism, 2023 introduces a contemporary Christmas decor trend crafted to suit your preferences. Design specialists at House Beautiful anticipate a move towards subtle decor, departing from vibrant "green and red" pairings. Anticipate the prominence of muted greenery and subdued neutrals instead. This minimalist strategy creates a clean and refined holiday aesthetic that harmonizes with your current home decor.

Jewel-Tone Glassware: Rich and Luxurious

Lush jewel tones like burgundy, teal, and emerald dominate the spotlight in this season's Christmas decor.

Utilizing metallic accents and glassware provides ideal means to integrate these luxurious colors into your holiday arrangement.

Glassware, in particular, stands out as a versatile and enduring investment, adding a touch of elegance to your holiday toasts, enhancing both their appearance and ambiance.

There are many remarkable human properties.

But it’s the human ones we value most. At Pam Golding, we understand that the most valuable properties are those that can’t be bought or sold.

Pam Golding Properties has a legacy dating back to 1976, making us a trusted leader in the luxury property market. We are dedicated to providing exceptional service to discerning buyers and sellers. Our commitment to excellence drives us to maintain our position as industry leaders through strategic marketing and brand awareness campaigns.

As a purpose-led organization, we prioritize cherishing the human spirit. This inspires us as individuals and as a collective group, guiding us to lead in an authentic and positive way.

"The quality of our people is our real competitive advantage. And for us, the greatest reward of a 47-year legacy is seeing the spirit of Pam live on in each and every Pam Golding person." ‐ Dr Andrew Golding, Chief Executive

REMARKABLE HUMAN PROPERTIES Our "Live Remarkable" campaign, launched in 2021, focuses on humancentric storytelling and embodies our enduring purpose. It celebrates the unique potential within each individual and encourages an authentic, courageous, optimistic, and conscious approach to life. Guided by our core values of honesty, integrity, empathy, humanity, and trust, we are dedicated to providing specialized service and unwavering support to our clients throughout their property journey.

In 2023, we expanded this initiative with the "I am..." campaign. This campaign allows our clients to gain a deeper insight into our agents through authentic and inspiring statements of intention and affirmations.

Our latest brand campaign centres around the concept of Remarkable Human Properties. This evolution of our Live Remarkable campaign showcases our remarkable people, whose human attributes, values, and passions define our organization. Since our inception in 1976, the quality and importance of our people have been fundamental to our success and is indeed what makes us, us.

We invite you to watch our new brand campaign:

Learn more https://bit.ly/41m1XLv

Property Collection VIEW OUR SPECIALLY CURATED SELECTION OF AVAILABLE PROPERTIES IN OUR AREA

DURBAN

Morningside | R8.25 million MAGNIFICENT EXCLUSIVE GARDEN APARTMENT WITH GLORIOUS VIEWS Situated in the most sought-after and luxurious gated complex on Musgrave Road, with 24 hour manned security. Spacious open-plan living areas open onto a patio and landscaped garden and pool. Super Caesar-stone kitchen with plenty of cupboards, enclosed courtyard and drying area.

3 BEDROOMS | 2.5 BATHROOMS | 2 GARAGES

VIEW PROPERTY

Koseelan Padayachee +27 82 508 2667 koseelan.padayachee@pamgolding.co.za

DURBAN

Morningside | R2.65 million MORNINGSIDE ELEGANCE Spectacular and Spacious Four Bedroom Home. As you enter the automated gates that lead to a lovely paved area and a very neat double garage. This property has ample parking, which is a great benefit. On the left side, you can walk up to the wooden deck to the lounge and on the right, you can go up the garden path to the patio area that leads you to the kitchen.

4 BEDROOMS | 3 BATHROOMS | 2 GARAGES

VIEW PROPERTY

Shobanie Singh +27 72 452 5335 shobanie.singh@pamgolding.co.za

DURBAN

Morningside | R2.895 million GOOD ADDRESS IN THE HEART OF MORNINGSIDE A dream family-friendly home with four spacious bedrooms, a serene poolside retreat, and a kitchen fitted with white wood cupboards and granite tops, perfect for whipping up feasts. his isn't just a house; it's a sanctuary where you can create lasting memories and turn this amazing property into your forever home.

4 BEDROOMS | 2 BATHROOMS | 1 GARAGE

VIEW PROPERTY

Sharon Dell +27 83 782 0836 sharon.dell@pamgolding.co.za

DURBAN

Morningside | R1.62 million SOUGHT AFTER COMPLEX This duplex corner unit of 126m² is set in the heart of Morningside with only 12 units in this Townhouse complex. Ultra-conveniently close to Florida road and Windermere Centre. The spacious open plan lounge and dining area spills on a paved courtyard with your own private sparkling pool.

3 BEDROOMS | 2 BATHROOMS | 1 GARAGE VIEW PROPERTY

Debbie Dyer +27 84 657 6646 Madelein Schreuder +27 78 266 7835

DURBAN

Morningside | R1.6 million APARTMENT IN BOWHILL LODGE Situated in Gordon Road close to Durban Boys prep and Gordon Road Girls School and within walking distance to shops and restaurants. This three bedroomed apartment is perfect for convenient family living. This ninth floor unit features panoramic views and is light and bright with a spacious lounge / dining room with enclosed balcony.

3 BEDROOMS | 2 BATHROOMS | 1 GARAGE VIEW PROPERTY

Karen Leith +27 83 243 7891 Lesley Wilson +27 83 250 2957

SALES

Morningside R1.18 million

2 BEDROOMS | 1 BATHROOM 2 PARKING A charming two bedroom simplex located in the heart of Morningside.

This delightful apartment is nestled within a secure gated complex, boasting 24-hour manned security for your peace of mind.

VIEW PROPERTY

Pat Roberson +27 82 824 1545

Glenmore R1.85 million

3 BEDROOMS | 2 BATHROOMS 2 GARAGES Beautiful home situated within close proximity to UKZN and Glenmore Primary School makes this an attractive location for families. The entertainment area leading to a sparkling pool is great for outdoor activities or family gatherings.

VIEW PROPERTY

Pat Roberson +27 82 824 1545

DURBAN

Windermere | R1.895 million ATTRACTIVE HOME Conveniently positioned in a desirable tranquil and safe cul-de-sac in the heart of Windermere. As you enter you will be welcomed by an outdoor entertainment area and pool with French doors that leads onto the living room. Open plan wood and granite kitchen with gas stove and dining area and back garden area.

3 BEDROOMS | 2 BATHROOMS | 3 PARKING

VIEW PROPERTY

Judith Mac Nicol +27 83 253 5677 judith.macnicol@pamgolding.co.za

DURBAN

Musgrave | R12.495 million ALL YOU NEED IN A HOME! This modern double storey home is beautifully designed to provide a comfortable living space for you and your family. Additionally, it includes 2 separate houses, each with its own entrance. The home offers 4 generously sized bedrooms. 2 bedrooms are located on the ground level and the last 2 on the upper level.

4 BEDROOMS | 5.5 BATHROOMS | 2 GARAGE

VIEW PROPERTY

Shaheed Mahomed +27 84 666 6898 shaheed.mahomed@pamgolding.co.za

DURBAN

Musgrave | R10.5 million LUXURY AT ITS FINEST IN MUSGRAVE Indulge in opulent living at our exclusive 9-floor luxury apartments, boasting state-of-the-art amenities. Elevate your lifestyle with secure access control, breathtaking views, and the convenience of car lifts. The apartments range from 424 sqm to 477 sqm excluding parking bays and offers a harmonious blend of conscious service and around-the-clock security.

4 BEDROOMS | 4 BATHROOMS | 2 PARKING

VIEW PROPERTY

Mahomed Jooma +27 83 626 7786 mahomed.jooma@pamgolding.co.za

DURBAN

Musgrave | R9 million LUXURY AT ITS FINEST IN MUSGRAVE Indulge in opulent living at our exclusive 9-floor luxury apartments, boasting state-of-the-art amenities. Elevate your lifestyle with secure access control, breathtaking views, and the convenience of car lifts. The apartments range from 424 sqm to 477 sqm excluding parking bays and offers a harmonious blend of conscious service and around-the-clock security.

4 BEDROOMS | 4 BATHROOMS | 2 PARKING

VIEW PROPERTY

Mahomed Jooma +27 83 626 7786 mahomed.jooma@pamgolding.co.za

DURBAN

Musgrave | R2.2 million IDEAL LOCK UP AND GO This 170m² apartment is situated at the sought after Skye complex in the heart of Musgrave. As you enter the unit you will be seduced by the charms of this unique property. The unit consists of three spacious bedrooms, main en-suite, family bathroom and guest toilet. All three bedrooms open up to the wrap around balcony.

3 BEDROOMS | 2.5 BATHROOMS | 3 PARKING VIEW PROPERTY

Debbie Dyer +27 84 657 6646 Madelein Schreuder +27 78 266 7835

SALES

Musgrave R1.55 million

2 BEDROOMS | 1 BATHROOM 1 GARAGE With its high-end finishes and immaculate condition, the home looks like something out of an interiors magazine. The architectdesigned porcelain-tiled kitchen has Caesarstone tops, touch-open kitchen drawers and cabinets.

VIEW PROPERTY

Sharon Dell +27 83 782 0836

Glenwood R1.199 million

2 BEDROOMS | 2 BATHROOMS 1 GARAGE Having the option of sitting in this paradise of a garden surrounded by birds and bumble bees is an unexpected delight for city dwellers.

The block comprises seven flats, it's set back from the road, and is completely secure.

VIEW PROPERTY

Sharon Dell +27 83 782 0836

DURBAN

Essenwood | R7.2 million STYLE, CLASS, COMFORT AND CONVENIENCE Welcome to this spacious 3-bedroom, 3-bathroom penthouse unit on the 5 th floor of the fully secure complex of Panorama on Musgrave. This unit offers amazing views from full sea views to being able to look out over the Greyville Racecourse. The unit has drive up access, making it easy and convenient to access.

3 BEDROOMS | 3 BATHROOMS | 2 PARKING

VIEW PROPERTY

Ebrahim Desai +27 61 192 9976 ebrahim.desai@pamgolding.co.za

DURBAN

Essenwood | R3.35 million LUXURY SPLIT-LEVEL WITH POOL Introducing an exquisite split-level gem that promises the ultimate in comfort and convenience. This stunning residence boasts three spacious bedrooms, each with its own ensuite bathroom, and all thoughtfully equipped with modern air conditioning. A separate 1bedroom granny cottage provides flexibility and extra space for your unique needs.

3 BEDROOMS | 2 BATHROOMS | 1 GARAGE

VIEW PROPERTY

Faried Adam +27 84 858 8944 faried.adam@pamgolding.co.za

DURBAN

Essenwood | R2 million PRIME MUSGRAVE APARTMENT WITH SEA & CITY VIEWS You're invited to delightful manicured gardens and top-notch security. The exterior features aluminum windows paired with a white face brick, ensuring minimal upkeep. This generously sized 101 sqm apartment, recently renovated, boasts stylish wallpaper and contemporary finishes that contribute to a lavish lifestyle.

2 BEDROOMS | 2 BATHROOMS | 1 PARKING VIEW PROPERTY

Arshad Docrat +27 72 196 1571 Sven Horngren +27 82 823 7176

SALES

Essenwood R2.65 million

3 BEDROOMS | 2 BATHROOMS 3 PARKING This completely renovated apartment is walk-in ready. Located in prime Essenwood. No detail was overlooked.

The master bedroom is en-suite with ample cupboard space. The second bedroom has built-in cupboards. The third bedroom is currently being used as an office.

VIEW PROPERTY

Mohammed Amra +27 71 210 9312

Morningside R850 000

1 BEDROOM | 1 BATHROOM 1 GARAGE Beautiful one bedroom apartment in the heart of Morningside. Pristine one bedroom consisting of 62m2 with an enclosed balcony. Unit set in a well maintained block. Just unpack and ready to enjoy this beautiful unit.

VIEW PROPERTY

Debbie Dyer +27 84 657 6646

DURBAN

Glenwood | R3.995 million IMPRESSIVE FAMILY HOME This gem of a house is a solid, family home in a safe, friendly neighbourhood and is located in one of the most sought after roads in Glenwood, with commanding views over the city and harbour.

4 BEDROOMS | 2.5 BATHROOMS | 2 GARAGES

VIEW PROPERTY

Madelein Schreuder +27 78 266 7835

madelein.schreuder@pamgolding.co.za

DURBAN

Glenwood | R2.295 million LOVINGLY RESTORED HISTORIC GRANDE DAME Welcome to one of Glenwood's original heritage homes dating back to the 1920's, an era when structures were built for our humid subtropical climate. Cleverly designed, this elevated two-storey house faces north east to take advantage of even the slightest breeze on sweltering days and sultry nights.

3 BEDROOMS | 2.5 BATHROOMS | 1 GARAGE

VIEW PROPERTY

Sharon Dell +27 83 782 0836 sharon.dell@pamgolding.co.za

DURBAN

Glenwood | R2.295 million FABULOUS FIND! Loaded with unbeatable value. This is one property you want to have on the top of your list if you're in the market for a family home with all the extras. The property, set on a 635 square metres plot, has a manicured garden, the main house, pool and entertainment area, a one-bedroom, one bathroom flatlet, laundry room/store room, staff ablution and double automated lock up garage.

4 BEDROOMS | 2 BATHROOMS | 2 GARAGES

VIEW PROPERTY

Fatima Seedat +27 79 874 5589

fatima.seedat@pamgolding.co.za

DURBAN

Glenmore | R2.195 million DOUBLE STOREY FAMILY HOME IN GLENMORE This large family home has the most incredible views and huge spaces for friends and family to enjoy. Five bedrooms, two en-suite, a man cave downstairs, or home office, alternatively, you could convert the downstairs into a standalone home with two bedrooms. A beautiful pool and huge garden make for easy family living.

5 BEDROOMS | 3 BATHROOMS | 2 GARAGES

VIEW PROPERTY

Elizabeth Daniel +27 82 767 0345 elizabeth.daniel@pamgolding.co.za

DURBAN

Glenwood | R1.395 million JUST BRING YOUR BAGS AND MOVE RIGHT IN This peaceful end unit of the 9th floor with 270 degree panoramic views over the sea, city, harbour and inland views. The unit consists of open plan lounge and dining room with separate kitchen with plenty of cupboards. Airy and light two spacious bedroom with built-in cupboards, main en-suite with bath and shower and family bathroom. Two secure undercover parking bays plus ample of visitors parking. Two lifts in the building, where the one has a generator, so no problem with load shedding.

2 BEDROOMS | 2 BATHROOMS | 2 PARKING

VIEW PROPERTY

Judith Mac Nicol +27 83 253 5677 judith.macnicol@pamgolding.co.za

DURBAN

Bulwer | R835 000 VERY SECURE APARTMENT Down a quiet cul-de-sac is this super apartment. Its on the top floor and has a pleasant outlook.

Walking distance to Glenwood Village Mall. As you enter there is an open plan kitchen and dining room. A dry wall has been installed to cut off the huge lounge. This is now being used as a second bedroom. Easy to remove and reinstate back to the lounge.

2 BEDROOMS | 1 BATHROOM | 1 GARAGE VIEW PROPERTY

Karen Leith +27 83 243 7891 Lesley Wilson +27 83 250 2957

SALES

Bulwer

R1.295 million 3 BEDROOMS | 2 BATHROOMS 1 PARKING If you are looking for an absolutely spacious apartment with fantastic views in a pristine managed apartment block, then this property is yours. The unit has so many options for you to personalise this space with market trends and styles.

VIEW PROPERTY

Koseelan Padayachee +27 82 508 2667

Morningside R1.595 million

2 BEDROOMS | 2 BATHROOMS 1 GARAGE Having the option of sitting in this paradise of a garden surrounded by birds and bumble bees is an unexpected delight for city dwellers.

The block comprises seven flats, it's set back from the road, and is completely secure.

VIEW PROPERTY

Mahomed Jooma +27 83 626 7786

FOR SALE

Morningside R580 000 BACHELOR APARTMENT

VIEW PROPERTY

This is an ideal starter home or investors delight. This sweet space has a modest kitchen, bathroom and bedroom area with a little spot outside the door for a small table and chairs for morning coffee.

Elizabeth Daniel +27 82 767 0345

Glenwood R850 000

2 BEDROOMS | 1.5 BATHROOMS | 1 GARAGE

VIEW PROPERTY

This well appointed home is a stones throw away from Davenport, Glenwood Prep, Glenwood Boys and the University. A sweet little patio allows you to still feel the glorious Durban sunshine.

Elizabeth Daniel +27 82 767 0345

Umbilo R1.25 million

4 BEDROOMS | 4.5 BATHROOMS | 1 GARAGE

VIEW PROPERTY

This 95-year-old home is quite incredible. Situated on a corner stand, this home has a pool, two patios, and four bedrooms, all four of which have en-suites PLUS a guest toilet. Parking for two cars, but easily able to add more parking in.

Elizabeth Daniel +27 82 767 0345

RENTALS

Morningside

R20,000 per month 3 BEDROOMS | 2 BATHROOMS 3 GARAGES Lovely ambience, high ceilings, large rooms, easy to maintain exterior.

Secure parking for approximately 6 cars. Separate self contained cottage available to rent with the main house or separately. If this fits your needs, the search will be over.

VIEW PROPERTY

Fatima Seedat +27 79 874 5589

Morningside

R12,600 per month 3 BEDROOMS | 2 BATHROOMS 1 GARAGE Beautifully designed and upmarket unit in well maintained block Valley View Avenue, Morningside. Modern kitchen integrates functionality and style. The open plan lounge and dining area is designed to suit all occasions from entertaining guests to relaxing after a day at work.

VIEW PROPERTY

Fatima Seedat +27 79 874 5589

RECENTLY SOLD

SOLD

Glenwood 1 BEDROOM 1 BATHROOM 1 PARKING

GET EVALUATION

Shobanie Singh +27 72 452 5335

SOLD

Morningside 3 BEDROOMS 2.5 BATHROOMS 2 GARAGES

GET EVALUATION

Judith Mac Nicol +27 83 253 5677

More Positive Outlook for SA’s Residential Property Market in 2024

Market Overview & Outlook by Dr Andrew Golding, chief executive of the Pam Golding Property group

PROPERTY MARKET OVERVIEW & OUTLOOK In a year (2023) characterised by unusually high levels of political and economic uncertainty and volatility, central banks in most major global economies hiked interest rates aggressively in an attempt to contain renewed inflationary pressures caused initially by the 2020 pandemic but reinforced by the subsequent conflict in Ukraine and the Middle East, which disrupted global trade and commodity prices.

South Africa was not spared and the Reserve Bank responded with an aggressive 475 basis points of interest rate hikes starting in late-2021, more than fully reversing the rate cuts during the pandemic, which then triggered a boom in housing market activity, further fuelled by pent-up demand. The resurgence in the oil price amidst the global turmoil, coupled with a weaker rand, created higher petrol and diesel prices, which further strained households’ already pressured finances.

While the global outlook for 2024 remains uncertain – particularly as the conflict in Ukraine and the Middle East continues – there is good news on the inflation and interest rate front. The inflation rate in Europe and the USA has peaked and, as a result, the upward phase of the global interest rate cycle appears to have ended. While the timing of likely interest rate cuts in the new year is far from certain, there is widespread consensus that the next move in global interest rates will be a reduction, which will create room for local interest rates to begin declining once more.

In South Africa, it appears that interest rates have finally peaked, with the MPC keeping interest rates unchanged at their final meeting of the year. This was the third consecutive meeting at which interest rates remained unchanged, however, it was tempered by a hawkish statement which warned that they would hike rates further if necessary.

Against the backdrop of a subdued economic growth rate, with household finances under pressure from a rising cost of living and a series of interest rate hikes, it was no surprise that activity levels in the local housing market slowed during 2023.

According to Lightstone, total sales volume (units) during the first three quarters of the year totalled 167 404 transactions, which is nearly 20% below the still elevated total sales during the same period in 2022 but also 5.5% below the same period in 2019 (see chart on the next page).

PROPERTY MARKET OVERVIEW & OUTLOOK

Luxury Market In contrast to this overall picture, however, in the high-end, luxury residential market in the R25 million+ price range, Pam Golding Properties achieved a 30% increase in unit sales over the previous year, with sales of homes upwards of R80 million and beyond. Furthermore and in line with the Western Cape market’s general appeal and within the Cape Metropole, the Pam Golding Property group concluded significant top-end sales, including: a R90 million transaction and a R56.5 million sale in Bishopscourt, as well as two bungalows in Clifton at over R30 million each, and other top-end houses and luxury apartments sold in Camps Bay and Clifton, with a buoyant luxury market in Constantia, Bishopscourt and surrounding areas, with numerous sales in the R20 million to R40 million price band. Currently, Pam Golding Properties is marketing a luxurious five-bedroom house in Clifton at R170 million.

In addition, certain other coastal areas have also followed this trend. In Hermanus, for example, Pam Golding Properties achieved a record price of R43 million for the area and another record price of R24 million for a beachfront property in Betty’s Bay, while in the George and Mossel Bay region noteworthy sales include R24 million for a home in Fancourt, R23.5 million for a Wilderness Coastal smallholding, and R22 million for a home in Gondwana Game Reserve.

In Beacon Bay in East London, the highest residential sale for R9.8 million for a luxury family home was also concluded. Further up the coast and indicating the perceived value of oceanfront property we concluded a sale of R8 million in Port Shepstone, in one of the best surfing and rock fishing spots on the KZN South Coast.

Then perhaps surprisingly, and as an indication of what we believe is the early signs of the resurgence of the Johannesburg market, we are experiencing an

PROPERTY MARKET OVERVIEW & OUTLOOK increase in enquiries for luxury homes in areas such as Sandhurst, Westcliff and Bryanston with numerous sales in excess of R20 million concluded. A highlight in this regard was a successfully concluded sale of R54 million in Waterfall Equestrian Estate in Midrand. A noticeable trend which augurs well for the market is in the suburb of Houghton where older properties are being acquired, consolidated and redeveloped into luxury clusters or high-end sectional title units. Locations offering prestige, top-notch security and a luxurious lifestyle are in high demand.

Increase in Tourism & International Buyers Furthermore, and encouragingly, we are seeing a significant increase in tourists to the Cape, with the well-managed Cape Metro also benefiting from a surge in semigration from various regions generally to the north of the country. In addition, international upheaval has paradoxically made the Cape an interesting proposition for numerous international buyers. Market sentiment is positive and prospective buyers are enjoying the unique and diverse lifestyle on offer, from the sandy white beaches of the Atlantic Seaboard with its vibrant V&A Waterfront to the vineyards and tranquillity of the Southern Suburbs.

Not surprisingly, with its high global profile, and very appealing lifestyle amid the beauty of its natural surrounds, Cape Town has already seen an influx of international buyers active in the market – not only in the top end of the market, but across all price ranges, demonstrating confidence in the Mother City’s residential property market.

South Africa offers exceptional value for money – in the world-class city of Cape Town, for example, USD1 million will enable you to acquire a residential property of approximately 200sqm, while the same price tag will only secure 33sqm in New York, 34sqm in London, 43sqm in Paris, 44sqm in Sydney and just 17sqm in Monaco.

Most international buyers concur, commenting that the value offered by properties is significant and the lifestyle on offer in South Africa compelling, ranking with the best on offer elsewhere in the world. This segment of the market also remains relatively unaffected by interest rate hikes. Buyers with significant resources are also keen to diversify their investments while at the same time benefiting from living in properties offering outstanding views, lifestyle and amenities, which are in abundance.

Pam Golding Properties’ residential property sales to international buyers in the last 12 months comprised 5.4% of our total sales, concluded with purchasers from around the globe with the top 16 being the UK, Germany, Zimbabwe, USA, Netherlands, Belgium, Nigeria, Canada, Switzerland, Angola, Botswana, China, Italy, Congo, France and Lesotho. Their locations of choice vary considerably,

PROPERTY MARKET OVERVIEW & OUTLOOK including the Cape Atlantic Seaboard, Cape Winelands, Whale Route, the Garden Route towns of George, Knysna and Mossel Bay, and St Francis Bay and Port Alfred in the Eastern Cape, Hoedspruit, Nkomazi, Fourways in Johannesburg, and Underberg, among many others.

House Price Inflation While the national house price inflation rate, as measured by the Pam Golding Residential Property Index, has shown clear signs of stabilisation in recent months, the soaring inflation rate took its toll on growth in real prices (see chart below). Now however, with inflation being brought back under control – returning to the Reserve Bank’s inflation target and likely easing towards the mid-point of 4.5% by year-end, the outlook for real national house price inflation is markedly more positive in 2024.

Regional Markets House Price Inflation Ave

2020

2021

2022

2023

Gauteng

2.91

4.46

2.56

1.61

Western Cape

4.53

6.63

6.26

5.57

KwaZulu-Natal

4.07

5.35

4.33

2.28

South Africa

3.82

5.48

4.18

3.31

PROPERTY MARKET OVERVIEW & OUTLOOK The Western Cape housing market has registered the strongest growth among the three major regions during the past four years, including the year to date, with KZN following in second spot.

Metro markets House price inflation in all major metro housing markets is losing momentum, with the exception of Cape Town where growth in prices stabilised at 3.8% in recent months. Johannesburg is the only major metro where prices are declining from year-earlier levels, being in negative territory since January 2023 (latest data is July 2023).

Within the coastal metros, a period of outperformance by Nelson Mandela Bay has now ended, while Cape Town is currently the top performing among the three major coastal metros (see chart below).

Market trends Interestingly, according to ooba, the average age of bond applicants rose to 40 years in October 2023, for the second time this year, while the average age of interest rate-sensitive first-time buyer bond applicants remained elevated at 36 years.

First-time buyers are typically more sensitive to a rising interest rate environment as they are at the early stages of their careers and have fewer financial resources for deposits and associated costs of home ownership. As a result, after stabilising just below 50% in the wake of the post-Covid boom, the percentage of applications received from first-time buyers continues to weaken, averaging just 47.3% in the three months to October 2023. However, with interest rates stabilising and expected to embark on a downward trajectory,

PROPERTY MARKET OVERVIEW & OUTLOOK and with sound value to be had in the marketplace, the potential exists for firsttime buyers to capitalise on opportunities to gain a foothold in the property market.

Encouragingly, measures of banks’ appetite for lending to the market include: Competitive pricing of loans – after a sharp adjustment between Oct’22 and Jan’23, ooba’s average (weighted) concession below prime continued to improve during the course of the year – declining from -0.39% on Feb’23 to -0.48% in Oct’23. This is the most competitive pricing seen since the final years of the 2008/09 recession in the wake of the global financial crisis and goes some way towards making home loans more accessible for South African home buyers.

Approval rate – approval rates have declined somewhat in recent months but remain elevated, reflecting the ongoing appetite of banks to extend mortgages. Buyers whose applications have been pre-qualified continue to enjoy a significantly higher approval rate compared to applications not linked to pre-qualification.

Applications for 100% loans surged in the wake of the interest rate cuts in the initial stages of the pandemic – (reaching 67.5% of applications in June 2020), but have since drifted lower (54.1% in Oct’23), particularly as the Reserve Bank continued to raise interest rates from late-2021 onwards. In contrast, the approval rate for 100% loan applications remains elevated. In 2019 (before the pandemic) the approval rate for 100% loan applications was 81.7%, while during the first 10 months of 2023, approval rates averaged 82.1%, on a broadly similar level.

Deposits – one indicator which does appear to have shifted is deposits as a percentage of purchasing price, particularly deposits paid by first-time buyers (FTB). After reaching a low of 6.5% of purchase price in Oct-2020, deposits paid by FTB have since risen to 10.3% in 2023 – a level last recorded in Jan’19. Average deposits (both FTB and repeat buyers) reached a low of 7.2% in Jan’22 and have since risen to 8.95% in Oct’23. Prior to the pandemic, FTB typically paid a smaller deposit as a percentage of purchase price than repeat buyers but since the pandemic, they pay more. Either way, the increase in deposits suggests that banks are becoming a little more cautious in extending credit.

Other Key Trends Demand for Sectional Title : The surge in demand for freehold properties fuelled by the pandemic – as the ability to work from home prompted many homeowners to shift from smaller, ST properties in business nodes, to larger FH properties in peripheral suburbs of the metro areas or smaller towns – appears to have somewhat faded and the desire for sectional title has resumed. This could be attributable to the return to working in the office and/or SA’s young population buying a home for the first

PROPERTY MARKET OVERVIEW & OUTLOOK time ie affordability. Furthermore, changing lifestyles means that people increasingly prefer lock-up-and-go living and better security and lower maintenance of ST living.

In October 2023, growth in freehold prices had slowed to 2.11% compared to 2.03% for sectional title homes. While growth in FH prices continues to lose momentum, house price inflation for ST properties appears to be showing tentative signs of recovery.

Increased demand for ST homes is also evident when looking at the homes sold in the five largest metro markets. A decade ago, less than 45% of all homes sold were ST but during the year to date, nearly 55% of homes sold were ST – highlighting the growing preference for ST homes. The bulk of new developments in major metro areas are typically residential blocks, with a growing percentage of mixed-use developments. Sales of ST range from a high of 63.1% of total sales so far this year in Tshwane to just 45.1% in Johannesburg.

Ongoing Semigration Despite a reduction in sales volumes in the market country-wide, mainly driven by the current economic headwinds that the country is experiencing and certainly driven by the recent rise in interest rates, there continues to be significant buyer interest in the greater Western Cape market – including the Boland & Overberg regions and Garden Route, as well as KwaZulu-Natal and Eastern Cape coastal regions. Positively, Gauteng does still attract a large portion of first-time buyers and semigrators who are drawn by the employment opportunities and who are able to gain a foothold in the market due to the relative affordability of homes.

According to the Q3 2023 FNB Estate Agent Survey, 12% of homes sold in Q3 were due to homeowners relocating within South Africa – an indicator of ongoing semigration or movement between provinces – although this has slowed as a percentage of total sales as rising interest rates made it more expensive to purchase a new home.

Rental Market There has been a marked increase in applications for investment or buy-to-rent properties in recent months, according to ooba. This suggests that buyers see the residential property market as an attractive investment proposition, and could also include those who ultimately intend to semigrate elsewhere in the country, opting to gain a foothold in their desired town or metro housing market with an investment or rental property until they are ready to relocate.

PROPERTY MARKET OVERVIEW & OUTLOOK This surge in demand for investment properties is being primarily driven by the Western Cape, where investment applications have risen to 28.1% of all applications received in October 2023. In Cape Town, tenant activity and demand has increased, resulting in a significant under-supply of available homes to rent. The combination of semigration, excellent service delivery and favourable climate has led to a substantial increase in the number of tenants seeking rental properties. In particular, the City Bowl, Atlantic Seaboard and Southern Suburbs have become highly sought-after areas, resulting in fierce competition for rental properties. As a result, Cape Town has experienced healthy rental escalations. Currently, the vacancy rate is just 3.62%, the lowest it has been since the start of the pandemic.

Outlook for 2024 As is always the case, within the slowing overall activity levels there are vast differences between the pricing, demand and activity in different towns, suburbs and property types driven by local demographics and lifestyle trends.

Further complicating the outlook in 2024 is the prospect of US and South Africa’s elections next year, although the recent decision by S&P Global to affirm SA’s credit rating is a reassuring sign of stability.

Generally speaking, the outlook for next year is likely to show an improvement in a number of key residential property metrics when compared to 2023.

Dominating this improvement in outlook will hopefully be the start of a downward trend in interest rates which nearly always signals an uptick in activity and which, as a consequence, is also likely to herald the start of a cycle of real house price growth.

Furthermore, with the toll that loadshedding took on the economy in 2023 hopefully expected to ease significantly during the course of next year, prospects for growth should improve.

We also anticipate a continued divergence between the performance of different regional and metro housing markets – reflecting both the stability of the local municipality, the affordability of homes, the strength of the local economy and the lifestyle offering of the town/suburb. This will make location an increasingly important factor.

In 2024 agility will be key – as it was during the pandemic – which is likely to result in the residential property market (much like other sectors of the property market) being forced to be as flexible as possible. For example, new residential developments which offer units for purchase as well as short and long-term rentals (with aparthotel facilities), and mixed-use which allows for commercial and residential in a single new development.

PROPERTY MARKET OVERVIEW & OUTLOOK The shift to ‘green’ homes will become more mainstream. While loadshedding may ease, the rising cost of electricity (coupled with some measure of loadshedding) is likely to make the shift to solar appealing for those who can afford it. The continued breakdown in municipal services – not only due to poor maintenance but also increased urbanisation/semigration, placing greater pressure on limited infrastructure – will make going off-grid or at least increasing self-sufficiency an increasingly appealing option.

While the latest semigration wave was triggered by the pandemic, ie work from home, it is now being driven by lifestyle and governance factors. The shift to low-maintenance, convenient sectional title properties, given considerations of security and cost, will continue, particularly in the major metropolitan areas and key commercial hubs, and developers are responding to this demand for sectional title living, with new flats and townhouses increasing.

Globally, Savills researchers from around the world are predicting a more positive real estate investment environment in 2024, with 57% on average expecting a moderate to strong increase in investment activity next year, although this rises to as high as 70% of respondents for multifamily residential property – a sector where demand outstrips supply in many areas.

All comments above by Dr Andrew Golding, chief executive of the Pam Golding Property group

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