It’s no secret that Kwazulu-Natal has experienced significant shifts in all aspects of the property landscape in the past decade, and Pietermaritzburg and surrounds – right up into the Midlands – has been no exception: retirees and city escapees moving out of the city into the quieter, less densely populated suburbs and smaller communities, the young, economically active moving closer to the hubs, and students seeking out affordable accommodation close to their tertiary education.
Countrywide trends too, affect this market – particularly in the more established suburbs – where homeowners are holding on to older, bigger properties for longer, resulting in a scarcity of homes in that sector. Previously, they’d have downscaled into smaller homes or lock-up-and-go complexes with fewer responsibilities, but the increased cost of living, security, generations of families choosing to live together, and a host of other elements has altered that property playing field.
The sector least affected by the quieter market has been gated estates and the communal living offered in complexes, where the demand and value continues to increase and are sought after by both investors and homeowners.
With the market showing signs of a steady, gentle recovery, demand is growing across the full spectrum of the marketplace. A clear sign of confidence in the market’s recovery, is the increase in the footprint of the family-owned Wakefields Real Estate in Pietermaritzburg and the Midlands. With five offices across the region – their new office at the upmarket Cascades Shopping Centre opened recently – they’re well equipped to address the property needs of all, in all sectors of the market. From first time homeowners’ flats and homes, to Midlands farms and top-end luxury estates, Wakefields’ 74 years in the Kwazulu-Natal residential property industry, means clients can expect a superior understanding of the local property landscape.