Southern Suburbs flats popular with young buyers
YOUNG professional buyers are flocking to Claremont and Kenilworth to buy flats priced below R1 million, says Seeff ’s agents for the area, Deidre Tracey and Teodora Aleksieva.
They say that for the first time in years, they are seeing multiple offers, with about three to four buyers ready to put pen to paper almost as soon as a property comes on to the market.
“Younger buyers are attracted to the areas because of the lower prices and convenience. Aside from being on arterials leading to the main centres, and with top beaches and seaside attractions only a 20minute drive away, there are trendy coffee shops, restaurants and pubs in the area.
“Because of the demand for rented properties, more investor buyers are entering the market here, although residential buyers are still driving the demand for apart- ments,” say Tracey and Aleksieva.
Southern suburbs managing director Andy Todd said it was a seller’s market in the sectional title category.
“By mid-October, 181 apart-
Activity has strengthened by about 57 percent since 2009
ments worth R213m had been sold in Claremont and Kenilworth. More than 100 of these units fell into the under R1m price band.
“Sales activity has strengthened by around 57 percent since 2009 when 115 apartments worth R116m were sold. Most notably, the difference between the listed and sale prices on apartments is now around 6.65 percent on average.”
Properties on show are attracting the most attention and show days have become a bit of a buying frenzy, say Tracey and Aleksieva.
“For example, five of our recent sales were for close to the full listing price. These included a 56m apartment with two bedrooms in Arlington Close in Kenilworth, which attracted four offers and was sold for the full listed price of R730 000.
“A 86m2 apartment, also with two bedrooms, in Lynwood Gardens in Claremont attracted three offers on the show day and was sold for R780 000, just under the listing price of R785 000.”
Todd said the banks needed to start taking heed of the buoyant demand and the fact that prices were increasing.