Southern Sub­urbs flats pop­u­lar with young buy­ers

Weekend Argus (Saturday Edition) - - PROPERTY -

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.

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