|Ongoing reports of a levelling off in Cape Town’s residential property prices and a slowdown in sales have been disproved by the latest Residential Property Price Ranger (RPPR) figures, says Bill Rawson, chairman of Rawson Properties. |
“Although it is quite clear we are no longer in boom conditions, the latest reports are extremely encouraging,” says Rawson.
The average price achieved on Cape residential sales in May this year, according to the RPPI was R1 404 543, which was 20,9% up on the figure for May 2005. Unit sales rose by 6,4% from 1 260 to 1 341 while gross sales values were up by 28,6% from R224 million to R300 million.
Rawson says the upward trend has been evident throughout this year - with the exception of March – with unit sales rising by between 12% and 37%. Average monthly selling prices – with the exception of January – have risen by between 1,1% and 8,9% so far this year.
Best performing areas were the Atlantic Seaboard (up 20% on average price in April), the City Bowl (up 34% in February), False Bay (up 108% since January) and Constantiaberg with a 19,8% increase since January.