Lightstone survey results: these were the biggest trends of 2022
Category General News
Hello and welcome 2023! As we move forward, here's a look at some of the biggest property trends that shaped South Africa's real estate market last year. Lightstone's recent sentiment survey covered those estate agents found prominent in 2022. As many of these trends will continue having an impact this year, we've unpacked the ones you should have on your radar as a buyer or seller.
Multigenerational living
This is when families of two or more generations live together within one property. It can include working-age adults and their children, their parents, and grandparents. With the rise in the cost of living, this way of life can help families save costs, but also share responsibilities such as child/senior care and enjoy quality time together.
- Make it work: Multigenerational living families thrive when everyone has their own space, responsibilities are defined, everyone's personal time is respected, and communication channels are open. Look for homes with spacious floorplans and features like gardens and braai spaces that can bring everyone together to bond.
Semigration
Semigrants move from one part of the country to another with the hopes of gaining a better quality of life. Since the COVID-19 lockdown and the increase in working from home, this trend has been popular. It's expected to continue in 2023 as companies implement ongoing hybrid or work-from-home policies.
- Get on the move: Do your research to find out if the area will match expectations. Nelspruit (Mbombela), for example, is a growth centre with top amenities, attractions, and a range of property options. Consider renting before buying and establish a support structure you can reach out to in your new area.
Working from home
During the COVID-19 pandemic, many people worked from home. Companies have seen the benefits such as saving partially or completely on office costs and gaining more productivity from their staff. Staff are saving on fuel costs to the office, having a quieter work environment, and a better work/life balance.
- Nail remote working: When buying or renting property, look for a home that has a home office or space to work. A garden can be great to take a breather during a busy day. When considering a property, ensure you view it during the time you work to check if it will be quiet enough to have a productive day.
Downscaling
With local households coming under financial strain, downsizing became a prominent trend last year. This is when you move to a home smaller than your current property. The benefits are real whether you're a family or retiree: lower mortgage payments, less maintenance, and reduced insurance costs.
- Embrace a small space: The reduced space can be quite a change. Consider decluttering before you move and switching to multifunctional furniture and appliances. If you're buying, you may need to add more storage space or maximise your new home's current storage to meet your needs.
Gated communities and estates
Driven by a need for heightened security and privacy, gated communities and estates will likely continue to be sought after in 2023. Popular options will have a desirable location, good facilities, and pet and child-friendly living environments.
- Sharpen your detective skills: It pays to evaluate a gated community or estate before you move to avoid shocks. Check the condition of the home and common areas, ask for the financials and body corporate meeting minutes, and pour through the rules to ensure you will be able to abide by them comfortably.
Young buyers
Owning a home remains aspirational and young buyers are taking the plunge. Their goals have been boosted by still relatively low interest rates, fast home loan approvals, reduced deposit requirements, and an increase in 100% bond plus costs approvals.
- Make a smart decision: When buying, young buyers should consider the affordability of their future home and cater for interest rate hikes that would increase their bond payments in the future. Always consider the desirability of the neighbourhood as this will impact your property's value. You can always upgrade your home at a later stage but can't change the location.
Make 2023 your year for real estate
Kellaprince Properties takes pride in being on top of the trends that will impact buyers, sellers, landlords, and renters. With our expertise, you can always take a confident step forward in the property market. Get in touch with our team for help.
Author: Kellaprince Properties