Property market update

By comparison, only 95 sales worth R363,729,00 were concluded in 2020 (January to August). The pace of sales has also quickened slightly with properties taking on average 178 days compared to 184 during 2020. Sellers still have to cut their asking price by 10.2% on average, although this is an improvement over last year's 14.6%.

The Hout Bay/Llandudno area has become very popular with semigration buyers looking to relocate to a coastal lifestyle and has become a sought-after "Zoom town" derived from the Covid-induced WFH (work from home) trend.

This is excellent news for sellers. Note though that the average selling price for this year is down to R3,443,865 compared to last year's average of R3,828,726, thus down by about 10%. Accurate pricing therefore remains vital for sellers looking to take advantage of the current high demand in the market.

From a stock perspective, we are currently seeing strong demand for starter homes up to about R4 million as well as homes in security estates. Semigration is back in full swing, and we are seeing loads of buyers coming from Johannesburg at the moment.

A reminder for sellers that a Sole Mandate is always the best way to go if you are serious about selling, but be sure to choose Seeff for the best advice and insight into the local market backed by over fifty years' experience in real estate.

Home is our Story and property our passion. By choosing Seeff, you are assured of top class systems, a network of referrals, and a database of qualified buyers looking in the area. Don't wait too long though, if you are thinking about your next property move, contact us today!