2024 Market Review: A Year of Change and Opportunity
Well, it's been an eventful 2024 locally and on a macro scale, with various events throughout the year influencing market sentiments and the risk appetite of property investors and purchasers looking for their own homes.
Election Results and Economic Outlook
The results of our own National Election, plus the seismic results in the American and UK elections, resulted in mixed feelings from the markets. However, overall, there is a sense of optimism for the next four years. Most economists agree that the election outcomes, coupled with a steady reduction in interest rates, will foster domestic and global growth. As liquidity increases, the South African property market is expected to benefit significantly.
Performance of Local Property Markets
Despite the challenges of 2024, certain areas we operate in experienced impressive results and increased demand for both rentals and sales. The appetite for gated estates continues to grow as investors and homeowners seek security and lifestyle amenities.
Highlights from Key Estates
- Emberton Estate, Hillcrest: Rental demand continues to outstrip supply. The final phase, Aviva, is well underway with high sales volumes and active construction.
- Plantations Estate: Maintains a steady market with its charming architecture and beautifully maintained gardens.
- Cotswold Downs: Still the most sought-after lifestyle estate in Hillcrest, offering the highest sales values. The newly developed Cotswold Square Shopping Centre at the main gate adds further appeal.
- 101 Acutts Eco Estate: One of the last opportunities to purchase land in a secure estate. Offers large, half-acre plots from R950,000 and a tranquil, wildlife-rich environment.
Expansion into Ballito and the North Coast
Smiths Property Group has recently expanded operations to Ballito and surrounding areas, focusing on the vibrant gated estate market along the KZN North Coast. This region has seen increasing demand from local, national, and international buyers. The opening of the Club Med Tinley Resort in late 2025 is expected to further boost international interest.
Season's Greetings
We wish all our buyers, landlords, tenants, staff, and their families a restful festive season break, and we look forward to a prosperous 2025.