February, a month that is synonymous with spreading the love and this year it really did feel as though we are finally there! After almost two years have passed since we went into hard lockdown, our world seems to finally be starting the healing process and life prior to the pandemic is slowly returning. The impact we are seeing in the property market as a result is that companies have become more flexible and continue to allow people to work part from home and part in the office. As a result of this, we are seeing an increase in people selling to purchase a home that offers a designated home office space or renovating their current homes to accommodate the same. The benefit for current homeowners in the area is that both these trends have a positive impact on the forward trajectory for property prices in the area due to both demand and investment in the area through upgrades to properties.
Secure living is the way forward and a trend which is set to remain for years to come as people look for peace of mind. The value perception of Big Bay driven by the Big Bay Homeowners Association (BBHOA) continuous investment into maintaining the heat sensitive cameras, number plate reading and fibre networks to ensure the security remains world-class cannot be undervalued, and we thank them for initiating and maintaining these measures. Aesthetic appearances of Estates is also a factor we see people considering as a measure of how the properties are taken care of by the Homeowners Association, and again we can say without doubt that the upkeep of our landscaping and communal areas provides buyers and tenants with a perception of pristine.
To end off, the hottest topic closing out in 2020 and it remains one is "Semigration". The migration of those living in cities and inland to coastal towns, and specifically the Western Seaboard of Cape Town remains a trend. There is a notable downside to this trend which not many will reveal as it can become a challenge with property sales which are subject to a sale of a property inland and as their market is not in high demand, and the resulting effect is that the sale can take longer than anticipated for this reason. Our dynamic agents have taken a different approach to overcome this challenge and offer clients the added value of working with area specialists of the applicable property to ensure it is taken to market at a market-related price point, placing us in the strongest position to conclude a successful sale on your behalf.
Due to the investment that has gone into our area, we invite you to let us do an updated property value assessment for you over a cup of coffee. This will not only provide you with valuable information on your biggest asset, but will also ensure your insured value is aligned.
This quarter we have some interesting statistics to share with our homeowners in Big Bay which our Resident Agents, Jacqui Rae-Pienaar and Jennifer Cunnington have noted from the latest Lightstone statistics released.
40% of our homeowners have lived on their properties for 11 years and more whilst 26% have lived here for less than 5 years. Out of our stable owners (residents who have owned and lived in their homes for the longest period), the dominant group is in the 50 – 64 year age range.
Although Lightstone stats show a slight decrease in the average selling price of freestanding homes from R5.75mil in 2020, to R5.325mil in 2022, the stats are misleading as there have only been 8 registered transfers this year, compared to the average price of 41 transfers registered in 2020.
As property prices strengthen due to short supply and high demand for Western Seaboard properties, we anticipate a surge in our average house price to meet or better the figures achieved in 2020.
The biggest home loan lender in the Big Bay area during the last quarter was SBSA, followed by ABSA and then FNB.
Source: Lightstone Big Bay, 2022
Go get those 2022 goals, continue spreading the love and have a fantastic year!
Yours in Property, Big Bay Resident Agents, Jacqui and Jen!