PROPERTY & LIFESTYLE MAGAZINE
ADORE
BY PAM GOLDING PROPERTIES | WESTVILLE, PINETOWN & SURROUNDS | DEC 2023
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FOREWORD s we near the conclusion of yet another year, I, Mohammed Amra, your dedicated franchisee representing Pam Golding Properties in Westville & Pinetown, 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 Westville & Pinetown
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
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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.
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Top tips to ensure a positive and successful home buying journey by ooba Home Loans
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Property Collection
View our specially curated selection of available properties in our areat
46. 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
WESTVILLE
Westville | R6.7 million LE VERSEAU This sophisticated and luxurious multi story townhouse reflects a magical merging of inspiration and architecture and is ideally situated in the sought after Le Verseau complex in Central Westville. The home is perfectly located and is in close proximity to Westville Boys High School, the Mosque, Westville mall, the M13 and N3 to name a few.
4 BEDROOMS | 4.5 BATHROOMS | 2 GARAGES VIEW PROPERTY
Ebrahim Desai +27 61 192 9976
ebrahim.desai@pamgolding.co.za Rukshana Desai +27 83 274 4496 ruskhana.desai@pamgolding.co.za
WESTVILLE
Berea West | R12 million REAL ESTATE BONUS I'm offering you five distinct residences. There's a primary residence, two duplexes showcased in a magazine, designed as mirror images, along with two independent cottages, a pool, and accommodations for staff. On top of that, there's around 5000 square meters of level land, in addition to ample garage space and parking for approximately 50 cars. 15 BEDROOMS | 4 BATHROOMS | 4 GARAGES
VIEW PROPERTY
Fazeela Sayed +27 83 662 2623 fazeela.sayed@pamgolding.co.za
WESTVILLE
Berea West | R3.79 million ULTIMATE SOPHISTICATION, ELEGANCE & CLASS IN WESTVILLE Elevate your lifestyle to a superior locale. Exceptional development offering luxurious apartments with impeccable finishes. Just moments from premier educational institutions, schools, mosques, and madrasas. Enjoy the benefits of a free-standing, stepless simplex with the added advantage of the lowest levies. 4 BEDROOMS | 2.5 BATHROOMS | 2 GARAGES
VIEW PROPERTY
Fazeela Sayed +27 83 662 2623 fazeela.sayed@pamgolding.co.za
WESTVILLE
Westville | R3.495 million ABSOLUTE STUNNER! Perched on a high point in Westville, this beautiful house boasts breathtaking sea views that will take your breath away. Wake up in the morning and sip your coffee while gazing out at the beautiful sunrise, feeling a sense of peace and tranquility wash over you. As you step outside onto the patio, you'll be greeted by a sight that dreams are made of. 4 BEDROOMS | 3 BATHROOMS | 2 GARAGES
VIEW PROPERTY
Mohammed Amra +27 71 210 9312
mohammed.amra@pamgolding.co.za
WESTVILLE
Greyleigh | R2.5 million IMMACULATE & CHARMING FAMILY HOME Nestled in a serene service road just off Rodger Sishi Road, this residence has been meticulously cared for over the past 56 years and is now seeking a new family to create their own cherished memories. Positioned in proximity to excellent Westville schools, it presents an ideal haven for any family. 4 BEDROOMS | 2 BATHROOMS | 2 GARAGES
VIEW PROPERTY
Lauren Nunes +27 74 600 1237 lauren.nunes@pamgolding.co.za
WESTVILLE
Atholl Heights | R2.45 million TRANQUIL, SERENE ATMOSPHERE Introducing a stunning 3-bedroom house with a granny flat located in the highly sought-after area of Westville. This beautiful property offers an array of features, including a lovely pool, top-notch security, and an excellent source of rental income or bed and breakfast opportunity. Nestled in a prime location, this house is perfect for those seeking a vibrant lifestyle.
3 BEDROOMS | 2 BATHROOMS | 2 GARAGES
VIEW PROPERTY
Raeesa Thajmoon +27 84 096 1935 raeesa.thajmoon@pamgolding.co.za
WESTVILLE
Beverley Hills | R2.499 million NEAT FAMILY HOME Ideally located on sought after Kings Avenue, you will find this exquisite 3-bedroom, 3-bathroom home. The home is set on 1200sqm of land making it extremely easy to maintain and has approximately 300 sqm under roof.
3 BEDROOMS | 3 BATHROOMS | 6 PARKING VIEW PROPERTY
Ebrahim Desai +27 61 192 9976
ebrahim.desai@pamgolding.co.za
WESTVILLE
Westville | R1.95 million SPACIOUS 3 BEDROOM TOWNHOUSE IN WESTVILLE Welcome to this charming 3-bedroom townhouse apartment in the heart of Westville. Downstairs, discover a fully fitted kitchen seamlessly connected to an open-plan dining and lounge area, creating a warm and inviting space.
3 BEDROOMS | 2.5 BATHROOMS | 1 GARAGE VIEW PROPERTY
Mahomed Jooma +27 83 626 7786 mahomed.jooma@pamgolding.co.za
WESTVILLE
Sherwood R2.99 million
3 BEDROOMS | 2 BATHROOMS 2 GARAGES | 6 PARKING Flanked by mosques on both sides, the current owners are downsizing. Customize this home to your taste or maintain its current charm. A stunning entrance welcomes you, complemented by a glistening pool. The house features a fully equipped kitchen, staff quarters, a storage room, and an expansive storage shed.
VIEW PROPERTY
Fazeela Sayed +27 83 662 2623
Sparks Estate R3.25 million
8 BEDROOMS | 3 BATHROOMS 14 PARKING All you could ever want, walk to Musjid Saliheen, perfect condition, keyed to convenience, flat land, privacy, lots of covered parking, excellent neighbours and secure.
VIEW PROPERTY
Fazeela Sayed +27 83 662 2623
WESTVILLE
Reservoir Hills R930 000
3 BEDROOMS | 1 BATHROOMS 3 GARAGE This 3-bedroom townhouse is ideally situated in Sherwood and offers the perfect blend of comfort and security. Situated within a well-maintained complex, the property benefits from 24hour security, providing you with peace of mind and a safe living environment.
VIEW PROPERTY
Ify Anusi +27 74 911 4181
Sherwood R1.05 million
2 BEDROOMS | 1 BATHROOM 1 PARKING This spacious townhouse is conveniently located near various essential amenities, such as mosque, shops, and schools. It serves as an excellent choice for a young family starting out or is equally well-suited for those seeking to downsize.
VIEW PROPERTY
Ify Anusi +27 74 911 4181
RECENTLY SOLD
SOLD
Beverley Hills 4 BEDROOMS 2 BATHROOMS 2 GARAGES
GET EVALUATION
Raeesa Thajmoon +27 84 096 1935
SOLD
Sherwood 4 BEDROOMS 1 BATHROOM 2 GARAGES
GET EVALUATION
Fazeela Sayed
+27 83 662 2623
RECENTLY SOLD
SOLD
Sparks Estate 4 BEDROOMS 2 BATHROOMS 3 PARKING
GET EVALUATION
Fazeela Sayed
+27 83 662 2623
SOLD
Sparks Estate 6 BEDROOMS 2 BATHROOMS 2 PARKING
GET EVALUATION
Fazeela Sayed
+27 83 662 2623
PINETOWN
Cowies Hill | R2.975 million LUXURIOUS MANSION Situated in the heart of Cowies Hill, this remarkable facebrick residence effortlessly meets all the desired criteria. The open-plan lounge and dining area, complemented by a gas fireplace, seamlessly flows into an enclosed patio. Beyond, a sun deck offers mesmerizing scenic views of Paradise Valley, accompanied by a rock-feature swimming pool. 4 BEDROOMS | 4.5 BATHROOMS | 2 GARAGES
VIEW PROPERTY
Ify Anusi +27 74 911 4181
ify.anusi@pamgolding.co.za
PINETOWN
Ashley | R1.3 million CONTEMPORARY APARTMENT IN SOUGHT-AFTER COMPLEX This charming and contemporary first floor apartment is situated in the highly coveted Ashley Downs complex, making it a rare find as these properties do not often become available. Comprising three bedrooms, all equipped with built-in cupboards, and two bathrooms, including the main en-suite, the unit features full tiling throughout. 3 BEDROOMS | 2 BATHROOMS | 1 GARAGE
VIEW PROPERTY
Lauren Nunes +27 74 600 1237 lauren.nunes@pamgolding.co.za
PINETOWN
Ashley | R1.3 million CHARMING MODERN APARTMENT IN STUNNING COMPLEX Ashley Downs is renowned as one of the best-maintained complexes in Pinetown, with topnotch security and a communal swimming pool. Families can enjoy a safe environment for children to play and ride bikes, providing peace of mind. For young professionals, this complex serves as an ideal lock-up-and-go residence. 3 BEDROOMS | 2 BATHROOMS | 1 GARAGE
VIEW PROPERTY
Lauren Nunes +27 74 600 1237 lauren.nunes@pamgolding.co.za
PINETOWN
New Germany | R1.195 million SPACIOUS AND IN A STUNNING LOCATION Introducing your dream home in the serene Wolds of New Germany! This stunning townhouse boasts three generously sized bedrooms, two bathrooms, and a fully fitted kitchen that is sure to impress. Imagine spending evenings entertaining guests in the covered entertainment area or relaxing in the cozy backyard after a long day. 3 BEDROOMS | 2 BATHROOMS | 2 GARAGES
VIEW PROPERTY
Maria Kent +27 79 305 0325 maria.kent@pamgolding.co.za
RECENTLY SOLD
SOLD
Padfield Park 3 BEDROOMS 2 BATHROOMS 2 GARAGES
GET EVALUATION
Ify Anusi
+27 74 911 4181
SOLD
Hatton Estates 4 BEDROOMS 2.5 BATHROOMS 2 GARAGES
GET EVALUATION
Ify Anusi
+27 74 911 4181
RECENTLY SOLD
SOLD
Ashley 4 BEDROOMS 2 BATHROOMS 1 GARAGE
GET EVALUATION
Ify Anusi
+27 74 911 4181
SOLD
New Germany 3 BEDROOMS 2 BATHROOMS 1 GARAGE
GET EVALUATION
Ify Anusi
+27 74 911 4181
RECENTLY SOLD
SOLD
The Wolds 3 BEDROOMS 2 BATHROOMS 1 GARAGE
GET EVALUATION
Ify Anusi
+27 74 911 4181
Lauren Nunes
+27 74 600 1237
SOLD
Pinetown 2 BEDROOMS 1 BATHROOM 1 PARKING
GET EVALUATION
Lenise Pienaar +27 74 911 4181
Sam Brennan +27 74 911 4181
RECENTLY SOLD
SOLD
Cowies Hill Park 3 BEDROOMS 2 BATHROOMS 2 GARAGES
GET EVALUATION
Ebrahim Desai +27 61 192 9976
SOLD
Cowies Hill 3 BEDROOMS 2 BATHROOMS 2 GARAGES
GET EVALUATION
Maria Kent
+27 79 305 0325
QUEENSBURGH & SURROUNDS
Brighton Beach | R25 million AFRICAN PARADISE This is a once in a lifetime opportunity to own a piece of paradise. Located a stone's throw from the hustle and bustle of the Durban Metro, this beautiful 9 suite guesthouse is located in a surprisingly peaceful and serene setting.
VIEW PROPERTY
Eugene Lushaba +27 72 787 6886 eugene.lushaba@pamgolding.co.za
QUEENSBURGH & SURROUNDS
Brighton Beach | R5.5 million AMAZING HOME WITH SPECTACULAR SEA VIEWS & COASTAL FOREST The home offers a beautiful entrance room which leads you into the open plan kitchen, lounge, and dining room. The lounge and dining room have double volume ceilings. It is modern and spacious and in immaculate condition. The well-appointed kitchen boasts granite bench tops. Enjoy a beautiful indoor-outdoor entertainment area, along with a sparkling pool in a wonderfully landscaped garden.
4 BEDROOMS | 2 BATHROOMS | 2 GARAGES
VIEW PROPERTY
Eugene Lushaba +27 72 787 6886 eugene.lushaba@pamgolding.co.za
QUEENSBURGH & SURROUNDS
Malvern | R3.75 million PRIME LOCATION AND LUXURY LIVING Nestled in the prime location of Malvern, this four-bedroom home exudes luxury and versatility. Upon entering, you'll be captivated by the sophisticated built-in bar, making it the ultimate space for entertaining friends and family. Two distinct dining areas provide options for formal and informal gatherings, accommodating a variety of occasions. 4 BEDROOMS | 2.5 BATHROOMS | 2 GARAGES | FLATLET
VIEW PROPERTY
Cherrelle Meth +27 64 820 3227 cherrelle.meth@pamgolding.co.za
QUEENSBURGH & SURROUNDS
Northdene | from R1.25 million NEWLY BUILT APARTMENTS IN NORTHDENE Introducing 85 on Vausedale, a recently finished residential project featuring just four luxurious twobedroom apartments. These homes are perfect for young professionals seeking a convenient, lowmaintenance lifestyle or individuals looking to downsize. Tucked away behind a private pan-handle driveway and within close proximity to schools, shopping centres, and amenities. 2 BEDROOMS | 1 BATHROOM | 2 PARKING
VIEW PROPERTY
Cherrelle Meth +27 64 820 3227 cherrelle.meth@pamgolding.co.za
QUEENSBURGH & SURROUNDS
Escombe | R1.375 million FAMILY HOME WITH AMPLE OUTDOOR ENTERTAINMENT AREA Nestled in a quiet cul-de-sac, this home offers comfort and safety. With a huge outdoor undercover patio, swimming pool and jacuzzi, this home is the perfect place to host weekend get-togethers. You can enjoy a braai while the kids swim in the pool and the adults relax in the Jacuzzi. 3 BEDROOMS | 2 BATHROOMS | 1 GARAGE
VIEW PROPERTY
Cherrelle Meth +27 64 820 3227 cherrelle.meth@pamgolding.co.za
QUEENSBURGH & SURROUNDS
Bellair | R1.65 million TRENDY UPGRADE FOR CONTEMPORARY LIVING Discover the pleasure of contemporary living in this newly renovated 3-bedroom home. Situated in a well sought after neighbourhood, this home boasts sleek lines, open spaces, and modern finishes throughout. The spacious living areas are overflowing with natural light, creating a welcoming atmosphere for gatherings and relaxation. 3 BEDROOMS | 2.5 BATHROOMS | 1 GARAGE
VIEW PROPERTY
Cherrelle Meth +27 64 820 3227 cherrelle.meth@pamgolding.co.za
RECENTLY SOLD
SOLD
Escombe 3 BEDROOMS 2 BATHROOMS 2 GARAGES
GET EVALUATION
Cherrelle Meth +27 64 820 3227
SOLD
Reservoir Hills VACANT LAND
GET EVALUATION
Cherrelle Meth +27 64 820 3227
FOR SALE
Moseley Park R11 million
247 309 M² VACANT LAND FOR SALE
VIEW PROPERTY
24,7309 hectares of pure potential, located in Moseley, Queensburgh. Currently zoned as special residential 1, with the possibility to rezone. Impact assessments have been done, and documentation is available upon request.
Cherrelle Meth +27 64 820 3227
Westville R9.999 million
21 727 M² VACANT LAND FOR SALE
VIEW PROPERTY
This is a call to all serious developers with a flair for residential development. This piece of land is located in one of Westville's most exclusive areas. It is 2.1727 hectares in size and is zoned for up to 29 units.
Cherrelle Meth +27 64 820 3227
Westville R5 million
11 527 M² VACANT LAND FOR SALE
VIEW PROPERTY
Within walking distance from the University of KZN main gate, this massive piece of land is located in prime Westville. A stones throw from Westwood Mall, boasting tranquil valley views and easy access to highways, this property is perfect for the large scale investor/developer.
Cherrelle Meth +27 64 820 3227
FOR SALE
Reservoir Hills R1.995 million
4 BEDROOMS | 3 BATHROOMS | 2 GARAGES
VIEW PROPERTY
Introducing a one-of-a-kind gem in the sought-after neighborhood of Reservoir Hill! This distinctive house boasts an extraordinary architectural design that sets it apart from the rest.
Raeesa Thajmoon +27 84 096 1935
New Germany R1.3 million
3 BEDROOMS | 2 BATHROOM | 2 PARKING | 1 COTTAGE
VIEW PROPERTY
This beautiful townhouse is located in the heart of Westville and boasts a clean, modern design. Park your car in the garage, and you are greeted by an entrance lounge, providing a warm and inviting welcome home.
Ify Anusi +27 74 911 4181
Dawncliffe R1.7 million
2 BEDROOMS | 2 BATHROOMS | 1 GARAGE
VIEW PROPERTY
Situated in Dawncliffe, Westville with the lounge overlooking a well landscaped garden, before that you are taken away by an enclosed patio that welcomes you to the fenced garden.
Mahomed Jooma +27 83 626 7786 Tito Langa +27 73 514 6894
RENTALS
Beverley Hills | R35,000 per month KINGS MANOR- FULLY FURNISHED Unique set up in heart of Westville. This luxurious property is part of a shared property. Nestled in a highly sought-after location, this property offers a perfect blend of elegance and entertainment. As you enter the main gate, you're greeted by a meticulously landscaped garden, adorned with vibrant flora and lush greenery, creating an inviting ambiance. 3 BEDROOMS | 3 BATHROOMS | 3 GARAGES
VIEW PROPERTY
Rukshana Desai +27 83 274 4496 rukshana.desai@pamgolding.co.za
RENTALS
Westville
R16,000 per month 4 BEDROOMS | 2 BATHROOMS 2 GARAGES This spacious and meticulously designed 4-bedroom, 2-bathroom residence offers an ideal blend of modern comfort and practical living. Upon entering, you'll be greeted by the open-plan design that seamlessly connects the dining room to the lounge which leads out onto a charming patio.
VIEW PROPERTY
Ebrahim Desai +27 61 192 9976
Beverley Hills R8,000 per month
1 BEDROOM | 1 BATHROOM 1 PARKING A fully furnished 1 bedroom garden cottage with an en-suite bathroom. This unit is ideal for anyone looking to live in a secure shared space with a communal garden. The bedroom is fully furnished including a double bed and built in cupboards.
VIEW PROPERTY
Rukshana Desai +27 83 274 4496
PINETOWN
Pinetown | R9.995 million 2140 M² COMMERCIAL BUILDING FOR SALE IN MANORS Ideally situated in business hub of Pinetown on Glunugie Road you will find this majestic opportunity. The property is made up of three joint properties with a total land size of 4538m2, all on separate title deeds. All three properties are zoned IPTN MIXED USE 2 which allows for various business opportunities.
VIEW PROPERTY
Ebrahim Desai +27 61 192 9976
ebrahim.desai@pamgolding.co.za Madelein Schreuder +27 78 266 7835 madelein.schreuder@pamgolding.co.za
PINETOWN
Pinetown | R9.8 million 8049 M² COMMERCIAL BUILDING FOR SALE IN PINETOWN Discover the Untapped Potential of Big Land, Currently Operating as a Panel Beating Workshop. Are you an ambitious entrepreneur searching for a lucrative commercial property to take your business to new heights? Look no further! We present to you an exceptional opportunity to transform a spacious panel beating workshop into a thriving business venture.
VIEW PROPERTY
Maria Kent +27 79 305 0325
maria.kent@pamgolding.co.za Raeesa Thajmoon +27 84 096 1935 raeesa.thajmoon@pamgolding.co.za
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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