Cape Town’s February sales “highest ever”.

Cape Town’s February residential property sales were 19,6 percent higher year-on-year with total monthly sales for the greater Cape Town area at around R1 944 billion, according to the city’s latest Residential Property Price Ranger.

Commenting on the figures in a company media release, Bill Rawson, chairman of Rawson Properties, says February’s turnover and average sales values were the highest ever for the area. “They were higher than March 2006 figures, which were inflated by many buyers delaying transfer to get the benefit of transfer duty reductions.”

Rawson says the average sales price in the greater Cape Town area is now R1,58 million, which is almost double the national average, now hovering around the R820 000 mark.

These figures, added Rawson, are likely to be further improved in March, which is on-track for being an all-time record month for Cape residential property.

Rawson added that although the City Council is bound to be flooded with objections to their latest valuations, his experience thus far has been that most valuations have been fairly accurate – and the increased values are being confirmed by the latest improved sales figures.

Rawson says in the last month, said Rawson, the less affluent areas had once again witnessed the greatest sales activity. The exception being Constantiaberg in which some 50% more sales were achieved year-on-year.

February sales in Oostenberg and the South-East suburbs, particularly Mitchell’s Plain, Parow and Goodwood, were 40%-50% up on those of January. Many of the West Coast villages, particularly Melkbosstrand, Yzerfontein and Langebaan were proving “surprisingly popular”. Boland sales have also been good with values rising 67% year-on-year.
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