TAKING A LOOK AT THE CURRENT MARKET AND WHAT LIES AHEAD
Category News
It's been a bumper and very busy year for the Huizemark Property Group which celebrated its 60th anniversary in real estate. We asked the new C.E.O. of the group, Bryan Biehler, to reflect on the market activity in the past year, as well as to share his thoughts on what to expect in the year to come.
Says Biehler, "The year 2022 has been a tough, challenging year, as we faced the post-Covid period with all its unintended consequences: the KZN - Cape - North West flooding and devastation at the beginning of the year, the Russian Ukraine conflict, the energy crises, a stuttering economy with problematic 'service delivery issues' and a rising interest rate cycle (2.5% increase). The combination of these and other factors generally put negative pressure on property prices. However, we have seen an increased demand for the Western Cape where prices continue to escalate. So there have been 'areas of excellence'."
"As we reflect on the past year, we would like to take a moment to acknowledge you, our community, and our valued clients for your continued support. It has been our utmost pleasure serving you and we look forward to seeing you all again in the New Year."
"We expect to see interest rates rising to around 11,5% to 12% in 2023.
Buyers will be more selective with their buying decisions and have more choices with a greater variety of available properties. Pricing will be key on the greater interior whereas on the coastal belts pricing is expected to steadily increase with greater demand. Having 'off-grid' options for power and water will be an added attraction for more buyers. "
"As a nation, we do need more socio-political stability, with a proactive government addressing the concerns of our people and creating a more stable, investment-friendly economy."
"As we face the 2023 challenges and opportunities, we remain optimistic about the future and in a greater collaborative approach 'to make life better for all'. We will need to continue with our resilience and be confident and enthusiastic in facing the year ahead!"
May this Festive Season bring an abundance of happiness and peace to you and your loved ones and stay with you throughout the year to come.
Author: Adrie Barnard