Con­stan­tiaberg prop­erty prices ris­ing steadily

Weekend Argus (Saturday Edition) - - PROPERTY -

AL­THOUGH the rand con­tin­ues to take a beat­ing and the JSE has joined stock mar­kets around the world in a down­ward slide, fol­low­ing US Fed­eral Re­serve Chair­man Ben Ber­nanke’s re­cent an­nounce­ments of the likely mod­er­a­tion in US mone­tary pol­icy stim­u­lus, prop­erty sales fig­ures in a num­ber of Cape Town sub­urbs show an up­ward tra­jec­tory for the first half of this year.

This is ac­cord­ing to Mike Gre­eff, chief ex­ec­u­tive of Gre­eff Properties, an af­fil­i­ate of Christie’s In­ter­na­tional Real Es­tate.

“Prop­stats fig­ures for sales of free- stand­ing and sec­tional ti­tle Con­stan­tiaberg properties for the first six months of 2013 show that the aver­age sell­ing price is up by 24.6 per­cent to R3.305 mil­lion from R2.652m – the aver­age sell­ing price for properties in the area dur­ing the first half of last year.

“The dif­fer­ence be­tween the listed price and the sell­ing price nar­rowed slightly in 2013 to mi­nus 13.2 per­cent from mi­nus 14.8 per­cent in 2012. The Prop­stats fig­ures also show that dur­ing the first half of 2013 homes are on aver­age spend­ing 106 days be­ing listed be­fore sell­ing, whereas in 2012 the aver­age wait was 95 days.”

Gre­eff says that a fo­cus on Con­stan­tia fig­ures for the first six months of last year re­veals that the aver­age sell­ing price was R6 894 444. The dif­fer­ence be­tween listed and sell­ing prices was mi­nus 20.3 per­cent, with the num­ber of days spent listed 218.

“The over­all pic­ture in Con­stan­tia has im­proved sig­nif­i­cantly in the first six months of 2013, though, with the aver­age sell­ing price ris­ing to R7 569 167, a 9.8 per­cent im­prove­ment. The dif­fer­ence be­tween listed and sell­ing prices nar­rowed to mi­nus 16.3 per­cent, and the aver­age num­ber of days listed dropped by seven weeks to 183 days,” Gre­eff says.

“Once again, it’s es­sen­tial for sell­ers to price their homes cor­rectly. Un­re­al­is­ti­cally priced homes are stay­ing on the mar­ket for long pe­ri­ods and th­ese statis­tics are tak­ing the aver­age days spent on the mar­ket into the hun­dreds.

“If you ex­am­ine the de­tails for Con­stan­tiaberg properties that spent 0 to 14 days listed be­fore be­ing sold in the first six months of 2013, there’s a clear cor­re­la­tion be­tween pric­ing and speed of sale. For th­ese trans­ac­tions, the aver­age dif­fer­ence be­tween listed and sell­ing prices is as low as mi­nus 5.7 per­cent.”

Gre­eff says the sales fig­ures for all types of prop­erty in the south­ern sub­urbs show a sim­i­lar tra­jec­tory to the Con­stan­tiaberg statis­tics in the rise in aver­age sell­ing prices.

“In 2012 the aver­age sell­ing price was R2 016 345, and in the first six months of 2013 the aver­age sell­ing price is R2 328 002 – an in­crease of 15.45 per­cent.

On a slight down­ward trend is the dif­fer­ence be­tween listed and sell­ing prices. It is up slightly in 2013 to mi­nus 10.2 per­cent, from mi­nus 9.1 per­cent in the first half of 2012. The aver­age num­ber of days properties spent be­ing listed dur­ing the first half of 2012 was 86 days and in the first half of 2013 this in­creased to 92 days.

“Our agents re­port a healthy amount of ac­tiv­ity in the mar­ket in the south­ern sub­urbs and Con­stan­tiaberg. It re­mains to be seen how the lat­est fi­nan­cial tremors will af­fect the mar­ket, but it’s ad­vis­able to chan­nel as much as you can into your bond now be­fore the repo rate is ad­justed. Ex­perts are pre­dict­ing a rise in 2014.”

QUICK SALE: This cot­tage in Wyn­berg Chelsea was re­cently sold by Gre­eff Properties in four days for the full listed price of R4.25 mil­lion.

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