While the latest FNB Property Barometer puts the Western Cape at the top nationally with the highest average house price at R1,4m, you can still find a nice family house for between R1,2m and R1,7m in the Goodwood area. It therefore should come as no surprise that the market is as busy as ever, says Seeff’s licensee for the area, Johann Groenewald.
“The number of freehold properties sold in Goodwood Estate increased from 39 units in 2013 to 60 units in 2014. In line with the rest of the market, the unit count for 2015 came in slightly lower, but so far, we have seen no further decline,” he says. “Sales for the first half of 2016 remained on par with the same period last year.”
According to Groenewald, Goodwood Estate’s increased appeal is now attracting buyers across all demographics, with younger buyers between the ages of 18 and 35 increasing to 31% of all buyers over the last year. “Buyers tend to buy the best value they can afford and then renovate to meet their needs and specifications,” says Groenewald. “This practice has boosted the overall property prices in the suburb.”
Groenewald adds that the banks have also played a role, granting a larger percentage of bonds at 100% loan to value. The resultant stock shortages have pushed up the asking price in the suburb, with many sellers getting close to or even the full asking price.
Groenewald believes that the Goodwood market should remain a seller’s market for at least another quarter, but, with the market shifts, it is bound to increasingly turn in favour of buyers.
Photo: This Goodwood corner home is on the market for R1,48m