Cape hous­ing de­mand not as slack as peers’

Weekend Argus (Saturday Edition) - - PROPERTY -

DATA shows that the slow­down in de­mand for res­i­den­tial prop­erty in the Western Cape is not as se­vere as in other prov­inces.

PropS­tats’ data from the Western Cape branch of the In­sti­tute of Es­tate Agents South Africa has in­di­cated that the slow­down in the de­mand for res­i­den­tial prop­erty in South Africa has not been nearly as se­vere in the Western Cape as some re­ports have sug­gested.

PropS­tats man­ager An­nette Evans says the fig­ures show that in Oc­to­ber just un­der R1 bil­lion worth of prop­erty was sold and the av­er­age price was R1 046 527.

This was 13.7 per­cent off the listed prices and the av­er­age time for a sale was 97 days.

“These fig­ures com­pare well with those of Oc­to­ber 2009, when R1.156bn worth of prop­erty was sold at an av­er­age price of R1 956 452, which was 1 0 . 4 p e rc e n t b e l ow t h e l i s t prices.

“It seems we are work­ing through the re­ces­sion fairly suc­cess­fully.

“Now that we have had a fur­ther drop in in­ter­est rates, an up­swing is likely in March/April 2011,” says Evans.

PropS­tats’ fig­ures also show that At­lantic seaboard prices at an av­er­age of R4.301 mil­lion, al­though a stag­ger­ing 25 per­cent be­low the listed prices, were by far the high­est in the Cape, con­firm­ing re­ports that the area is un­der­go­ing a boom. The At­lantic seaboard was fol­lowed by the City Bowl, where t h e ave r a g e p r i c e w a s R2 874 538, Con­stan­tiaberg ( R 2 . 3 6 8 m ) a n d H o u t B ay (R2.845m).

Evans says PropS­tats’ data is prov­ing in­creas­ingly use­ful to es­tate agents and their prin­ci­pals be­cause the up-to-date in­for­ma­tion helps them to prod u c e a c c u r at e c o mparat ive price analy­ses, which in turn coun­ter­act the preva­lent ten­dency of sell­ers to price their prop­er­ties far too high.

“The sys­tem cov­ers an area from Vre­den­burg to Swellen- dam and in­cor­po­rates data from about 2 000 agents. Prop­er­ties are listed hour by hour as soon as the sus­pen­sive con­di­tions on the sale are met.

“This is two to three months ahead of the ac­tual le­gal trans­fer and is the lat­est in­for­ma­tion.

“The sum­maries make clear what trends are ev­i­dent in each area, which again can be a use­ful sales tool.”

Train­ing in the use of PropS­tats’ data is given reg­u­larly in two-hour cour­ses at the in­sti­tute’s Western Cape of­fice at Howard Stu­dios head­quar­ters in Pinelands.

Call 021 531 3180 or e-mail info@props­

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