While the overall economy and property market continue a sluggish road to recovery, we are delighted to report that the Rondebosch area enjoyed a buoyant first quarter of 2019. A total of R69,2 million worth of full title sales have taken place with just under R30 million, almost half, achieved by Seeff agent, Charmaine Scott-Wilson.
The fabulous access to schools has boosted demand with parents finding the traffic unbelievable. Hence, we have seen a surge in buyers looking to move from Constantia, Welgemoed, the Atlantic Seaboard and Johannesburg.
Just under half of all sales were above the R4.5m price band ranging to the highest price of R12 million. An important observation is that most sales are taking place at 12%-plus below the asking price.
With plenty of buyers still looking for substantial homes close to schools, it is a great time to consider putting your home on the market if you want to sell. But, as is evident from the fact that most sellers have to cut their asking price, it is important to remember that buyers know what they want and what they are prepared to pay.
Buyers are well informed about current market conditions which, according to the latest FNB Price Index continues to favour buyers. The Index for example shows that overall price growth has weakened further this year, down to around 3.7% year-on-year (from 4% in January and 3.9% on average in 2018).
At the same time, the bank's valuers point to supply strengthening as the number of properties listed outstrip general demand. This means that buyers are spoilt for choice and hence very selective. That said, in the Rondebosch area, we do still need more houses to offer them.
While we wait for the May Elections to get out of the way and the economy to take the positive turn that we are all anticipating, we are pleased that confidence in the Rondebosch property market remains high. The excellent schools and convenient location being a major benefit here.
With such a busy market, it is an opportune time to consider putting your property on the market if you are thinking about selling. Be sure to consider the Seeff Rondebosch market leader, Charmaine Scott-Wilson for the best advice and sales.
Home is our Story and property our passion. Whether you are looking to sell or just to find out what your property might sell for in the current market, be sure to contact us today!
______
Make sure to follow us on Facebook, Instagram, Twitter and LinkedIn for the latest tips and trends in the property industry, as well as some of the most relevant news about the area you call home.