select
|

Sellers on top now in the Cape Town property market

Chronic shortages of affordable family homes for sale in parts of Cape Town have turned the Cape Town property market firmly in favour of its sellers, says Bruce Haywood, sales manager at Chas Everitt Constantiaberg.


5 Bedroom House for sale in Camps Bay

"In our areas of operation in the Southern Suburbs of Cape Town, family homes in good condition and offered at market-related prices are now often selling within a week, and keen buyers who have to watch their budgets are losing out as such properties increasingly also attract multiple offers."

Most current activity is in the R1 million price range, which is the lower end of the Constantiaberg property market, he says, although there is also strong demand in the middle segment where prices range between R1,3 million and R2,5 million.


1 Bedroom Apartment for sale in De Waterkant

"For those looking for a good investment in our franchise area, which stretches from Simon's Town to Observatory, the best value is arguably to be found in Kirstenhof and Lakeside at the moment. This sector of the Cape Town property market offers good schools and easy access to the highway and homes there are perhaps slightly under-rated at the moment, which means discerning buyers with an eye for value can make an excellent investment."


1 Bedroom Apartment for sale in High Cape

Security is also still a major component of buying decisions, so interest in upmarket gated estates is also high in spite of comparatively high prices. "Buyers with deep pockets are willing to pay a substantial premium for good security. For instance, homes in gated estates that compare favourably with properties in open areas can fetch prices of between R15 and R20 million compared to R4 - R5 million in open suburbs," Haywood says.

Rentals of up to R45 000 per month are also being achieved in secure residential estates, with tenants typically being top professionals and businessmen who often opt to rent rather than buy, he says.


  Comment on this Article

  Please login to post comments

Post to my facebook wall
  
2000
Characters remaining


    Latest Property News
    • 21 Feb 2017
      It’s not uncommon for people who are embarking on the business of buying or selling property for the first time to wonder exactly what estate agents do to earn their commission, with many assuming that it’s simply a matter of popping a sale board on the lawn and hosting a show house or two to conclude the deal
    • 20 Feb 2017
      A stunning family home with world-class finishes situated in the sought-after Rietvlei Ridge Country Estate, Pretoria is our Property Pick of the day - and it is easy to see why!
    • 20 Feb 2017
      Polls have indicated that South Africans are willing to pay more for a home that is fibre ready and that internet coverage does play a role in the property buying decision - but where are these elusive neighbourhoods?
    • 20 Feb 2017
      Offers to purchase generally include a clause providing for the seller to obtain Certificates of Compliance for Water, Electrical, Beetle, Gas and Electrical Fencing, where applicable.
    • 20 Feb 2017
      With the costs involved in setting up a trust, why do some people still use this entity to purchase property?
    • 20 Feb 2017
      Development of the soon-to-be tallest building in Cape Town has now been scheduled to begin in April, and construction will cost in the region of R1.5 billion.
    • 18 Feb 2017
      Supportive, well-located and affordable work spaces, where users can network with like-minded people, are in short supply in Cape Town. However, Inyathelo (The South African Institute for Advancement) is offering hot desking, meeting spaces, conference rooms and related facilities in Woodstock’s trendy Buchanan Square.
    • 17 Feb 2017
      According to Absa, newly-built homes currently cost 31,2% more, on average, than their pre-owned equivalents – and that means, says Rawson Property Group Managing Director Tony Clark, that second-hand homes should be selling a lot faster than new ones right around the country.
        
    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