Property expert Patrick Davison says the property market in KwaZulu-Natal is resilient and buyers have not been deterred by the recent floods in the province.
More than 440 people died and thousands were displaced.
Yet more flooding hit parts of the province last weekend.
Davison says the erratic weather events have not dampened the property market in the province.
He says, “Even after the looting last July, we expected quite a dramatic difference in the market,… KZN is very resilient even after the July shooting. We didn’t see a dramatic change in the market. I think a lot of us expected it to happen but it didn’t actually materialise. So I don’t believe long-term it’s going to have a major impact on the actual value of the individual properties.”
Davison is urging prospective buyers to do their research thoroughly before making a commitment.
He says, “They have to inspect the property and I think now even more important. They must inspect for any visible damage that the property may have suffered even if it’s leaking roofs but obviously subsidence has been one of the major impacts of the flood on buildings.”
“So they have to look at the tell-tale signs of subsidence. Cracks that are forming, maybe foundations that are sinking. Any washer ways and obviously retaining walls is another factor they have to inspect. So I’ll suggest that they just go a little bit further, maybe get a professional builder or an engineer to inspect the property, just to make sure that it’s in the perfect condition for them to purchase,” Davison adds.
VIDEO: Assessing the extent of the damage in the Bluff area, south of Durban: