Shortage of housing stock for sale in Century City
ONLY 38 of the almost 3 000 existing residential front doors at Century City are on the market for resale.
This represents just over 1 percent against a norm of around 5 percent to 10 percent elsewhere, says Brian Usher of Property World, the on-site specialist Century City agency.
“This is not just the resale properties we have on our books but the total number of existing properties on the market in the precinct across all estate agencies,” he said.
Usher said the shortage of available stock was spurring new development and underpinning property prices and capital growth.
He said newly listed proper- ties for sale in Century City were selling on average within a couple of weeks, unlike most other areas where average listing periods were anything from three to nine months.
“There are a few exceptions where properties have been on the market in Century City for four or five months, but these tend to be those properties that are unrealistically priced and where the sellers are not obliged to sell, but will do so if they get their perceived price.”
Usher said the demand for property sales and resales at Century City was possibly at a peak.
This was creating a situation where the prices achieved in the past few months were no longer a true reflection of the current property values there.
“The comparative market values of properties will soon see a dramatic adjustment once the most recent sales are transferred. This in turn will place more responsibility on the financial institutions to ensure their valuers are kept abreast of this upturn in values.”
He said Century City’s popularity as a residential destination had soared in recent years due to its central location, high level of security and amenities right on the doorstep.
“This has made the node particularly att r active t o investors as they are practically guaranteed tenants and the rentals are good.”