Growing confidence buoys market in Hillcrest

Homebuyers are showing more confidence in all sectors of the property market in the Hillcrest area to the west of Durban.

Clint Ellice, owner of the local Chas Everitt International franchise, says activity in the market started picking up in the last quarter of 2009 as a result of lower interest rates and that the widely-held perception that the recession is abating has kept the momentum going.

“Soccer fever is also building everywhere and we expect that the World Cup tournament’s effects on economic sentiment will become very evident from about March onwards.”

He says local buyers are currently targeting all types of property, with the greatest interest being evident in the price range between R700 000 and R1,1m. “Properties in this range include smallholdings, apartments and even some four-bedroom family homes - the most important factor influencing purchase decisions being affordability.”

Also interesting is that fact that buyers in the area now also represent a full profile, including young first-timers, retirees and investors, compared to the situation just a few years ago when the majority were families particularly interested in the excellent local schools.

“Although younger buyers here often have to rely on family assistance to put up the required deposits for home loans, the prevailing sentiment among them is that the current market phase offers sound opportunities to enter the property market, and that the Hillcrest area has good prospects.”

Ellice adds that the market has also been stimulated in recent months by bank programmes put in place to help homeowners under financial pressure to sell their properties quickly. “A great draw card, especially for first-time buyers and investors, was the fact that 100% bonds were granted and attorney fees discounted.”

Article by: www.everitt-hillcrest.co.za