select
|

Westville property market not in crisis

A correctly priced home in good condition will still sell in a reasonable time frame. This is according to Gail Compton, Broker/Owner of RE/MAX Tricolor, whose offices service the Westville and Pinetown areas in KwaZulu-Natal.



“While sales in Westville have decreased slightly, buyers are continuing to make decisions and are purchasing properties that are priced at what is perceived to be fair market value. It has been claimed that as a result of the high crime rate in the area, Westville is in a property crisis, and sales have plummeted, but this simply isn’t true,” says Compton.  “For the Westville property market, it is still business as usual, with demand still outstripping the current level of stock available to buyers. In fact, at the moment we have the lowest number of property listings we have had in a long time.”

According to Compton, while sales have dampened to a degree, this is not only due to the crime levels. She notes that while crime is certainly a factor, there are other influences that are having an impact such as the current economic conditions that surround the property market in general. “Over the last few years, consumers have had to deal with fuel and food price increases, interest rate hikes, increased electricity tariffs and inflation. The ever rising cost of living has left consumers with lower levels of disposable income. A higher living cost has also made it much more difficult to save the required deposit needed for bond approval,” says Compton.

She adds that Westville is continually targeted as an area with higher crime statistics, even though the entire country has many of the same problems. “Because so many South Africans have been affected by crime in one way or another, as a people, we have become one of the most security-conscience in the world. This is not localised to one or two areas - it is throughout the entire country. Homebuyers in Westville are aware of security, and they take precautions, but this is no different to the rest of the country. Security is a driving factor behind most property buying decisions in this country, which is why so many buyers throughout South Africa are opting to live in security estates,” says Compton.

She notes that security also impacts property values, but Westville property prices have not been negatively affected by the claimed high crime levels. According to Lightstone, a property statistics and information provider, the median price of a freehold home in Westville increased from R1.75 million in 2015 to an all-time high of R2 million last year. This vastly outstrips property prices seen in 2007, considered by many as the height of the property boom.  “The reason that property prices in an area would continue to show growth is a steady demand. Buyer demand is what helps to stimulate property prices in an area – if demand for Westville property had plummeted, the house prices would have followed suit. However, demand continues, and as a result, homes prices in the area continue to improve,” Compton concludes.


  Comment on this Article

  Please login to post comments

Post to my facebook wall
  
2000
Characters remaining


    Latest Property News
    • 19 Jan 2018
      Extending from Randfontein in the west to Roodepoort in the east and including the towns of Krugersdorp and Magaliesburg, the West Rand has a plethora of property available to residents who choose to make this unique area their home.
    • 19 Jan 2018
      When it comes to financial planning, doing the work to ensure you’re prepared for unexpected emergencies is just as important as ticking off your other goals and New Year’s resolutions. The beginning of the year is also the perfect time to review your various insurance policies.
    • 19 Jan 2018
      No surprises at the first Monetary Policy Committee of 2018, as Reserve Bank Governor, Lesetja Kganyago, announced that the interest rates would stay at their current levels.
    • 18 Jan 2018
      The Southern Suburbs make up some of the most popular residential areas in Cape Town, comprising charming groups of suburbs which lie to the south-east of the slopes of Table Mountain. It is seen as the city's most expensive residential neighbourhoods with a choice of various private schools, upmarket eateries, wine estates, beautiful homes and trendy apartments.
    • 18 Jan 2018
      New year, new goals! If you’ve resolved to purchase your first property in 2018, then this 6-step guide from the Rawson Property Group is a must-read. It will help you navigate and simplify what is often be seen as a confusing process of buying your first home – right from the house-hunt to the house-warming.
    • 17 Jan 2018
      While the current property market may still favour buyers, it doesn’t mean that they shouldn’t be well prepared before putting in an offer to purchase.
    • 17 Jan 2018
      Lightstone lists Blair Atholl as the most expensive suburb with an average house price of R11.2 million, followed by Westcliff (R10.5 million), Dunkeld (R9.3 million), Sandhurst (R9.1 million) and Inanda (R7.2 million).
    • 17 Jan 2018
      As it currently stands, there are four main ways in which a home can be bought in South Africa, says Adrian Goslett, Regional Director and CEO of RE/MAX of Southern Africa, who adds that deciding in which legal entity to purchase the property is not a decision that should be entered into lightly, as each has its pros and cons.
        
    X
    Subscribe to the MyProperty Newsletter

    Name  
    Last Name  
    Email Address  
    Email Frequency
    select
    X
    Share this Page

       
    For Sale Property
    Rental Property
    More Options
    About
    Connect with us
    FEEDBACK