Whereas the national average for listing-to-sale turnaround time is 105 days, the Western Cape is doing considerably better.
It has been reported that properties sold in Cape Town’s City Bowl take on average a mere 36 days before a sale is secured. Blouberg trails 2nd in terms of listing period, as the average property in that area is sold within 49 days. Next, the Southern Suburbs follow, where the average period before sales is 50 days. Properties on the Atlantic Seaboard takes 68 days most of the time. Finally, properties in False Bay take approximately 77 days to sell.
Some areas in the Northern Suburbs are showing commendable year-on-year growth.
The average price of properties in Panorama, for example, is currently at R2.4 million, compared to R2.3 million at the same time last year. Monte Vista’s average improved from R1.8 million last year to R2.1 million in September 2017. The average sales of property in Edgemead improved by an average of R200 000, while properties in Bothasig show a R100 000 price improvement, settling at an average of R1.4 million this year.
In the Northern Suburbs – which are Valuables Properties main areas of operation - we are seeing fairly buoyant buyers, who are, nevertheless, sufficiently discerning to walk away from over-priced properties.
Pricing a property realistically is one of the best determinants of selling a property quickly and for ‘top dollar’.
Average prices achieved from 1 October 2016 to end of September 2017, as recorded by the Lightstone index, in some of the Northern Suburb areas are as follows:
Despite the Western Cape generally doing better than the rest of the country in terms of property growth, a drop in growth from 5.2 % in the previous quarter to 4.3% in the last quarter has, nevertheless, been observed by John Loos of the FNB Property Barometer.
Both sellers and buyers will therefore benefit from having a realistic perception of the price of properties in their area to ensure the ‘best bang for their buck’.
If you want to know what your property is worth, give us a call for a FREE VALUATION.
