FINDING
The residential property market was unbelievably active following the pandemic , largely owing to low interest rates and a shift in lifestyle requirements that caused many homes to no longer be suitable to the homeowners needs .
The most significant change in the residential market is the rise of remote work and working from home , resulting in buyers becoming much more specific when searching for a new home . They want high-speed internet , fibre connections and strong cellular service . They request home offices with privacy , soundproof walls and good lighting for Zoom calls .
Initially , we thought the demand for home offices would decrease as the pandemic became more under control , but it appears that the home office is now a musthave . Many major companies are allowing employees to adopt a hybrid work structure , and for those homebuyers , it is necessary on their wish list . Many people are also opting now to work from home ; even semi-retirees start a second career and work remotely these days . Nowadays , you don ’ t need to be in the same geographic location as the office or even in the same time zone .
While the route to the office has become less important to many buyers , those who have children still value being closely located to good schools . Location is often the single most important driving force behind property buying . Homebuyers with young families usually look for transport links and well-ranked schools . Higher fuel prices directly impact households , so they don ’ t want to live too far from the school district . Paarl has become a major attraction for young families relocating from up north . It still has the charm of country living , excellent schools , and is close enough to Stellenbosch , Cape Town , and the airport for convenience .
With the increase in the number of elderly people and the worsening
62 NOV 2022 SA Real Estate Investor Magazine