Cash is king in Table View

Property transactions in Cape Town's Table View area are being expedited by the high percentage of cash sales.
Indeed, about 80% of all transactions facilitated by top local agency Harcourts Lifestyle in the past six months were cash deals, says owner Matt Janion. "This is largely a consequence of the credit crunch. Most buyers here now have either saved up cash to buy a home or consolidated their finances to free up enough cash."
The trend is noticeable across all property price categories, he adds, and there is currently brisk demand from a wide variety of buyers, including some international buyers.
"Other buyers now active in the market include first-timers, people who are downscaling and people who are relocating from upcountry, notably Gauteng. We have a healthy mix of buyers, which contributes to a vibrant local market.”
Janion adds that cash transactions hold benefits for buyers as well as sellers.  "In the first place, such transactions usually run very smoothly because lending institutions are not involved and the paperwork is minimal. Cash also allows buyers a strong negotiating platform, which leads to market-related prices, while sellers usually have cash in hand much sooner than in cases where bank finance is involved."
However, quick sales have put pressure on stock and demand is currently slightly higher than supply, which now supports prices to the benefit of sellers, he says.
His office has also streamlined transactions thanks to innovative marketing. Janion says all properties marketed by his office have custom-built individual websites that give interested buyers a full presentation, including video, of the property.
"In this way we can accurately assess buyers' interest and only take them to view a property if the initial interest match is higher than 98%. It saves buyers as well as sellers a lot of time, because it is much easier to virtually tour a number of properties to eliminate unsuitable homes than to physically view them."
Buyers in Table View can currently find entry-level properties at prices as low as R400 000. Two-bedroom flats in the Parklands complex are now being marketed at this level, while a free standing three-bedroom home with a small garden can be had for around R660 000.
Larger and more modern homes with three bedrooms and two bathrooms are selling from R1m while properties priced at R3m and higher offer up to eight bedrooms, luxury fittings and beach frontage.
Janion says most properties currently targeted by buyers are in the R1,5m to R3,5m range.

  Comment on this Article

  Please login to post comments

Post to my facebook wall
Characters remaining

    Latest Property News
    • 24 Apr 2018
      The thing about the property ladder is that at some point in our lives we all have reason to want to climb a rung or two higher. Sometimes, it’s because we’ve outgrown our previous dream home, or because we want to be in a better neighbourhood that’s closer to work or to schools. Sometimes it’s because our circumstances have changed, and we’re taking care of elderly parents or relatives. Sometimes, it’s just because we want a property that reflects the financial status our hard work has won.
    • 20 Apr 2018
      Whenever changes in the political ecosystem of a traditional property market create uncertainty, smart investors begin to look elsewhere for new opportunities. Property experts at IP Global have analysed the trends and crunched the numbers to find new markets to explore in Europe and the United States.
    • 20 Apr 2018
      Energy and water self-sufficiency are increasingly important factors in home buyers’ choice of property – especially in Cape Town where the extreme drought of the past few years has made municipal supply costly as well as uncertain.
    • 19 Apr 2018
      During the last decade, rampant development has progressively transformed Cape Town’s property landscape with densification being the order of the day, but there are still one or two hidden gems like Scarborough which have retained their original character, offering an inimitable lifestyle and an attractive investment opportunity.
    • 19 Apr 2018
      The rental market is a cut-throat sector of the real estate market that waits for nobody. According to Adrian Goslett, Regional Director and CEO of RE/MAX of Southern Africa, first-time renters need to be fully prepared before they even start the process of looking for a place to rent in order to avoid the disappointment of losing out on their ideal property.
    • 19 Apr 2018
      Choosing to buy your first home instead of continuing to rent is a big decision that will usually take some time to put into action, but the sooner you can save up a sizeable deposit, the closer you will be to reaching your goal.
    • 18 Apr 2018
      Selling your home is no small task and as you will quickly find out, there are a lot of misconceptions about the process. Gerhard van der Linde, Seeff's MD in Pretoria East lists the top 5 misconceptions when you are selling your home.
    • 18 Apr 2018
      The Cape Town municipality is now installing water-management devices at properties that have been non-compliant with the new level 5 water restrictions and there are talks of fines between R5,000 and R10,000 for households that use too much water.
    Subscribe to the MyProperty Newsletter

    Last Name  
    Email Address  
    Email Frequency
    Share this Page

    For Sale Property
    Rental Property
    More Options
    Connect with us