select
|

Sellers on top now in Cape Town

Chronic shortages of affordable family homes for sale in parts of Cape Town have turned the local property market firmly in favour of sellers.
 

This lovely family home in Lakeside, Cape Town, is for sale through Chas Everitt International for R1,795m.

“In our areas of operation in the Southern Suburbs,family homes in good condition and offered at market-related prices are now often selling within a week,” says Bruce Haywood, sales manager at the Chas Everitt International Constantiaberg franchise, “and keen buyers who have to watch their budgets are becoming despondent because properties with fair asking prices increasingly attract multiple offers.
 
“We see buyers who make lower offers lose out time and again now to buyers who are able to better those offers, and shortages in the lower and middle segments of the market are becoming dire."
 
Most current activity is in the R1m price range,which is the lower end of the Constantiaberg market, he says, although there is also strong demand in the middle segment where prices range between R1,3m and R2,5m.
 
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 R15m and R20m compared to R4m to R5m in open suburbs," Haywood says.
 
Rentals of up to R45 000 per month are also being achieved in secure estates, with tenants typically being top professionals and businessmen who often opt to rent rather than buy, he says.
 
“Arguably the best value in our franchise area, which stretches from Simon's Town to Observatory, is to be found in Kirstenhof and Lakeside currently. These areas offer good schools and easy access to the highway and are perhaps slightly under-rated at the moment, which means discerning buyers with an eye for value can make excellent investment."


  Comment on this Article

  Please login to post comments

Post to my facebook wall
  
2000
Characters remaining


    Latest Property News
    • 21 Jun 2018
      Anyone who’s ever been involved in a building project that’s gone wrong will appreciate the importance of adequate insurance cover in the construction industry.
    • 21 Jun 2018
      A recent news story about a blind tenant caught in a legal battle with his body corporate over letters and notices he was unable to read and consequently comply with has raised the question: what are the legal obligations for landlords with disabled tenants?
    • 21 Jun 2018
      A trend that’s taken the world by storm in recent years is that of hygge (pronounced: hue-guh), a Danish concept that is about creating intimacy, connecting with loved ones and taking pleasure in small, ordinary things.
    • 20 Jun 2018
      Buying or selling real estate isn’t as easy as it is portrayed sometimes, especially if there is a death of a party during the transaction which can make it awkward, tricky and inconvenient.
    • 20 Jun 2018
      With interest rates remaining at historic lows and banks continuing to compete for mortgage finance business, first-time buyers with funds at their disposal are currently well-placed to gain that initial foothold on the property ladder, particularly in the light of the slightly lower growth rates currently experienced in residential property values.
    • 20 Jun 2018
      The average size of bond granted in SA has grown 7,7% in the past 12 months to R934 000, according to BetterBond, the country’s biggest bond originator.
    • 19 Jun 2018
      In the current market, letting out a property can be a good option as rental demand remains strong, especially in the northern suburbs of Johannesburg. This is according to Chris Renecle, MD of Renprop. However he says that before homeowners let their property out, there are five key points they should make sure are covered before they market the property for rent and sign any lease agreements.
    • 19 Jun 2018
      The Capetonian dream is to live by the ocean with the iconic mountain making an appearance somewhere in the horizon. But, that dream comes with a hefty price tag that many simply cannot afford. But, should you venture some kilometres out of the city centre, entirely new realms of beachside bliss await you …
        
    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