It is no secret that the residential property market in South Africa is taking strain, especially after lockdown restrictions announced in March. However, there are still some standout suburbs that continue to sell well and are, seemingly, defying the odds. One such area includes the suburbs of Claremont and Kenilworth in the Southern Suburbs of Cape Town.
According to Clint Southwood, Property Consultant at Jawitz Properties Southern Suburbs, these two suburbs, in particular, are performing well compared to the market, especially when it comes to the sectional title properties in lower Claremont and Kenilworth. “There is good value to be had with one and two-bedroom apartments being sold in the low R1m and under range, which is amazing value. And buyers must remember that there are no transfer duties payable on properties valued below R1million.
“There are a number of sectional title complexes and developments offering one, two and three bedrooms apartments, townhouses and lofts in the area but two-bedroom apartments in and around the Harfield Village area seem to be the most popular with buyers,” says Southwood.
These properties offer value for money in an area that has always been sought-after as it’s in a very central position close to all many amenities, transport hubs, good schools, respected medical facilities and within walking distance of several well-known restaurants and stores.
“Lower Claremont and Kenilworth offer homeowners sufficient accommodation at a price that is very reasonable compared to other suburbs in the area. We are finding that current buyers include first-time buyers, families and those downscaling. There is also a small group of investor buyers snapping up bargains,” explains Southwood.
The current residential property market favours buyers due to increased stock levels and more lenient lending criteria and higher bonds being offered by the banks. However, there is still some uncertainty caused by economic fears.
Despite this, Southwood says the good news is that over the last two years, property values in lower Claremont and Kenilworth have held steady, even increasing and that the number of units sold was up.
Recently, the increased number of sales has prompted the Jawitz Properties Southern Suburbs team to open a new office at 26 Kildare Road in the Newlands village. According to Hayley Vann-Herbert, Sales Manager of Jawitz Properties Southern Suburbs, the office will better accommodate their growing team. “We are lucky that we have done well over the past six months and taken market share, so we have invested in growing our team and looking at the slower market as an opportunity. This is a market for proactive agencies and we’re finding that those agents who are real and professional with their clients, whether on the selling or buying side of the transaction, are yielding results. It hasn’t been easy but if the property is priced right, it will sell. I’d also just like to confirm that our teams are working from home and working hard to continue marketing properties throughout this lockdown period,” concludes Vann-Herbert.