Confidence restored in upmarket Bedfordview
Property sales in upmarket residential areas are up, reflecting renewed confidence in this sector of the market.
Diane Cross, sales manager at the Chas Everitt International office in Bedfordview, fondly describes Bedfordview as the “Sandton of the East” and says sales in the area have been increasing steadily since July.
“Buyers seem confident that the market is bottoming out and that further drastic cuts in interest rates are unlikely. They are keen to get into the market now in anticipation of an upturn, which would likely mean growth in property values in future years.”
She adds that many buyers in the area are still paying cash or large deposits but that the majority are applying for 90% bonds. In addition there has been a striking improvement in the percentage of bond applications being approved in the past three months compared to the beginning of the year.
“And with banks now even grating some 100% bonds, we confidently expect that sales will further improve in the coming months.”
A notable trend in Bedfordview, Cross says, is that buyers are currently targeting sectional title units in search of better security and more convenience. “Although we are seeing activity across the whole price spectrum, sectional title units in the R800 000 to R1,5m are selling particularly well at the moment.”
Prices of freehold homes in the area range from R2,5m right up to R25m, with most activity currently taking place between R2,5m and R6m.
Issued by Chas Everitt International