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
    • 21 Nov 2017
      The buying process is over, and the moving truck has delivered your household goods to your new property. Now it’s time to unpack and turn your new house into a home.
    • 21 Nov 2017
      When an offer to purchase a property is signed by both buyer and seller, this constitutes a binding agreement or “Deed of Sale” between the two parties. However, in most cases the “standard contract” might not be enough to cover all the specifics pertaining to the sale. The agreement may require some additions or alterations to clauses, which needs an expert hand in the drafting of such
    • 21 Nov 2017
      As more and more South Africans look to invest in property abroad, Spain is offering them one of the best deals in global real estate.
    • 20 Nov 2017
      Since 2012, sectional title complexes have been leading the South African property market, not only in terms of price growth, but sales volumes as well. Remaining relatively strong, even in the face of 2017’s political and economic turmoil, experts say this market segment could offer valuable insight into South Africans’ property purchase priorities.
    • 20 Nov 2017
      Regardless of whether you are purchasing your first start-up home, downsizing or moving in with roommates, finding ways to maximise small spaces can be a big advantage, says Adrian Goslett, Regional Director and CEO of RE/MAX of Southern Africa.
    • 20 Nov 2017
      Property valued at approximately R1 billion is on High Street Auctions’ sales floor during the month of November, including the much-anticipated sale of the Tshwane Mayoral Residence and the land occupied by one of South Africa’s oldest operating gold mines.
    • 17 Nov 2017
      FWJK has announced the launch of its latest residential brand, the Lil’ Apple, which will be launched simultaneously in two developments in Cape Town and Umhlanga totaling 600 apartments. The Lil’ Apple is set to be a brand of FWJK’s New York style apartments which will be rolled out nationally.
    • 17 Nov 2017
      It’s been a tumultuous year on many fronts, with socio-political uncertainty setting the tone for much of South Africa’s economic activity yet despite this and seemingly counter-intuitively, the residential property market has held up well.
    Subscribe to the MyProperty Newsletter

    Last Name  
    Email Address  
    Email Frequency
    Share this Page

    For Sale Property
    Rental Property
    More Options
    Connect with us