First quarter property sales - pockets of sterling performance

Overall, the Cape Town property market is on a slow but steady path to recovery, with sales in the major metropolitan areas marginally up for the first quarter this year, compared to the first quarter 2011.  

Some areas, however, turned in sterling performances, says Francois Venter, Director of Jawitz Properties.

One of the biggest winners was the Constantiaberg area, which includes suburbs such as Plumstead, Bergvliet, and Diep River.  There, sectional title sales shot up from 14 units last year to 35 this year, an increase of 150%, despite the fact that this area includes Constantia, where sectional title units are virtually non-existent.

Sectional title sales in the Southern Suburbs also improved, with 137 units being sold in the first quarter of this year compared to 112 in the same period last year.  Claremont in particular enjoyed an increase from 22 units last year to 31 this year, an increase of 40%, and in Kenilworth, 37 units were sold this quarter compared to 23 in last year, a 60% increase.
Another suburb that experienced a solid increase in sectional title sales was Sea Point, part of the Atlantic Seaboard area.  There, 64 units were sold in the first quarter this year, compared to 56 last year.

Venter says that sectional title units valued at or below R1.5 million were the biggest sellers.
Freehold sales were the favourites in the City Bowl, with 49 houses being sold this year compared to 37 in the first quarter of last year, an increase of over 32%.  Freehold sales also trumped sectional title sales in the Atlantic Seaboard overall, with 52 houses being sold this year as opposed to 45 last year, an improvement of 15.5%.

“Houses under R3 million were the most popular, with the exception of Camps Bay and Fresnaye, where houses under the R8 million mark were the biggest sellers.”

Venter cautions sellers not to view improved sales in some areas as a signal to increase their asking prices.  “We’ve seen little or no improvement in actual prices.  Many sellers have been slow to adjust their prices to market realities post the last property boom, and while the sales figures are encouraging, prices continue to be under pressure.”

Jawitz Properties was a relative latecomer to the Western Cape property market, only opening its first office in 2006.  Nevertheless, the company now has 24 offices in the province, of which nine were opened last year.

  Comment on this Article

  Please login to post comments

Post to my facebook wall
Characters remaining

    Latest Property News
    • 15 Jun 2018
      The second quarter of 2018 has proven to be the turning point for Midrand’s real estate market, especially the upper end which started to waver towards the end of a tumultuous 2017 with a notable drop in both sales and average selling prices.
    • 15 Jun 2018
      According to data recently released by FNB, the average age of a South African home buyer has increased from 38 to 44 this year. In an attempt to help first-time buyers enter the market sooner, Adrian Goslett, Regional Director and CEO of RE/MAX of Southern Africa, walks us through the steps of saving for your first home.
    • 15 Jun 2018
      Putting your house on the market can be a stressful process. There are so many decisions to make that will impact how quickly your house is sold and for how much you can sell it for. It’s a serious money game where you can’t afford to make the wrong decision.
    • 14 Jun 2018
      The word tourist describes someone who is visiting South Africa for a limited time and is probably not going to buy a property here – so why is the tourism industry so important to the real estate sector?
    • 14 Jun 2018
      Serengeti Estates has entrenched its status as one of Johannesburg’s most desirable addresses for a spectrum of homeowners with its launch of The Signature Residences, a new cluster village.
    • 14 Jun 2018
      Keen interest shown at an international event in Hamburg last month has revealed that German investors have a surprisingly healthy appetite for South African real estate, especially those in the market for retirement properties.
    • 13 Jun 2018
      Well located urban properties, from that convenient city pad to the family townhouse or the coveted buy-to-let property can provide buyers with great investment returns over the long term. This is according to Fine & Country which have a number of offices in Johannesburg specialising in the sale of urban properties.
    • 13 Jun 2018
      A R200 million 51-unit luxury apartment project on a vacant lot at 169 Main Road Green Point places the capstone on the radical transformation of the stretch between de Waterkant and Glengariff Road.
    Subscribe to the MyProperty Newsletter

    Last Name  
    Email Address  
    Email Frequency
    Share this Page

    For Sale Property
    Rental Property
    More Options
    Connect with us