While it is too soon to say what the full impact of recent riots in KwaZulu-Natal and Gauteng will have on residential property, some experts believe it could usher in a rise in semigration to the Cape on the one hand, and a decrease in first-time home buyers on the other.
Calling for calm, Tony Clarke, managing director of Rawson Property Group, agrees the industry should be able to ride the wave if it is short-lived. Both Seeff and Clarke say, despite the uprising, the market continued to move this week with sales recorded in Gauteng , KZN, and throughout the country.
She says she has had some calls already from people in Johannesburg who are looking to make the move. Clarke agrees semigration, which has been slowing down the last two years, may see an upswing, particularly to the southern coastal areas such as the Cape, perceived to be safer and better managed. He added that whether the notable influx of semigration buyers from Johannesburg to the KZN North Coast will taper down because of the riots and violence,"we will need to wait to see what the fallout will be"."The country has experienced previous periods of unrest, think of the 1980s before the new democracy of 1994 when civil unrest was a huge threat," says Seeff.
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