City Bowl prices boosted by stock short­ages

Weekend Argus (Saturday Edition) - - PROPERTY -

STRONG de­mand and a short­age of stock in the City Bowl is hav­ing an ef­fect on prop­erty sell­ing prices which have in­creased sig­nif­i­cantly on av­er­age over the past 12 months, ac­cord­ing to Gre­eff Christie’s City Bowl direc­tor, Ryan Gre­eff.

“Sta­tis­tics vary from sub­urb to sub­urb. In Tam­boer­skloof, the av­er­age sell­ing price of apartments over the past 12 months rose by 15.2 per­cent, ac­cord­ing to Prop­stats, and the av­er­age days listed was down from 47 to 31,” says Gre­eff.

“The high­est sell­ing price achieved over the past 12 months in Tam­boer­skloof was R8.25 mil­lion for a 177 m three­bed­room apart­ment with ex­cep­tional views and one garage. The av­er­age sell­ing price for apartments in Tam­boer­skloof is closer to R2.8m, depend­ing on the num­ber of bed­rooms and the age or con­di­tion of the apart­ment.”

He says it’s im­por­tant to bear in mind that the avail­able sta­tis­tics are made up of vastly vary­ing prop­er­ties and this can skew fig­ures. “An ex­am­ple of this skew­ing is that the av­er­age sell­ing price in Vre­de­hoek over the past 12 months shows a sta­tis­ti­cal in­crease of 28 per­cent com­pared to the pre­vi­ous 12 months. The sta­tis­tics show the in­crease due to the in­clu­sion of six sales of over R4m.

“The high­est sell­ing price achieved in Vre­de­hoek over the past 12 months, ac­cord­ing to Prop­stats, was R5.75m for a 132m2 three- bed­room apart­ment with two garages. Not yet recorded by Prop­stats is pos­si­bly the high­est price achieved in Vre­de­hoek, for a three-bed­room pent­house sold off plan by Gre­eff Christie’s for R8.5m.

“How­ever the more re­al­is­tic av­er­age sell­ing price for Vre­de­hoek apartments is closer to be­tween R1.6m and R2.8m,” says Gre­eff.

In De Waterkant the av­er­age sell­ing price is re­ported to have risen by 18.7 per­cent over the past 12 months. In De Waterkant, av­er­age sell­ing prices range from R2.2m to R3.5m for one- and two-bed­room apartments, says Marthi­nus Botha, direc­tor of Gre­eff Christie’s City Bowl. “Ac­cord­ing to Prop­stats the high­est re­ported sell­ing price for the area dur­ing the past 12 months was R6.8m for a 129m , three­bed­room apart­ment with two re­cep­tion rooms and a study, plus two park­ing bays.

“In the city, con­tin­ued de­mand has re­sulted in the av­er­age sell­ing price of apartments rise by 14.7 per­cent over the past 12 months,” says Botha.

He says the high­est re­ported price for the city area, over the past 12 months was R8 026 315 for a 180m apart­ment at The Taj, with three bed­rooms, three bath­rooms, two re­cep­tion rooms and two park­ing bays.

“Gre­eff Christie’s City Bowl sales sta­tis­tics re­veal that in the city and nearby sur­round­ing areas, the sweet spot in sell­ing prices for one- bed­room apartments is R1.7m to R1.8m, and two-bed­room apartments are fetch­ing around R2.3m on av­er­age,” says Gre­eff.

“An ad­van­tage for sellers of City Bowl apartments is that a high pro­por­tion of buy­ers are pay­ing cash. Five out of the last six sales from our of­fice have been cash sales.”

This three­bed­room pent­house in Vre­de­hoek, was re­cently sold for R8.5 mil­lion.

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