Plumstead hot with new record of R3.4m

PLUMSTEAD has been one of the most active property markets across the southern suburbs this past year, and the old traditional part of the suburb now has a new price record of R3.4 million.

This was the price paid for a 3-bedroom family home with a flat in Plympton Road, sold to a cash buyer by Seeff agents, Peter Thornton and Peter Marais.

“The previous highest price for the area was R3.2m, achieved in early 2015. This is quite a significant sale and the second recent price record in this part of the southern suburbs. It seems that there is still some sense of buyer urgency here and it is still a very well-balanced market,” say the agents.

This particular property was listed at R3.475m and was on the market for 57 days on a sole mandate. It attracted two further offers of around R3.3m, which illustrates the strong demand still prevalent in the neighbourhood, say the agents.

“This price is significant considering that most sales in the suburb still fall below R3m. Stock is still in short supply and it is still a good time for sellers to put their properties on the market,” say Thornton and Marais.

“Properties are still selling fast, often within a month in the lower price bands as buyers flock to the area. The average difference between the listing and selling price is still 5.9 percent, but more than twothirds of all recent sales were concluded for closer to or even at the full-listing price.”