This is according to Billy Rautenbach, sales director for Seeff’s Atlantic Seaboard, V&A Waterfront and City Bowl areas, who predicts a busy holiday season, with a spike in buyer interest already evident.
“In addition to more local house hunters, the November to April period also brings foreign buyers as well as those from the inland provinces – especially the greater Johannesburg and Pretoria areas looking to either migrate to the city or invest in a second home here,” she said. “This year’s sales for the City Bowl and CBD already amount to around R1,6bn and an average selling price of R4m.
“The lowest-priced sale has been R1,1m for a small flat, while the highest a R22m luxury home in Higgovale. Almost half of all activity falls below the R6m price band.”
Most properties in these areas sell within 44 days of listing and at an average price discount of 5.7%. This amounts to a price compromise of R228,000 for home sales averaging R4m.
On the Atlantic Seaboard, R4,38bn in sales has already been concluded, with the sub-R15m price band accounting for about 80% of all transactions, said Rautenbach.
“In the sub-R10m price band, properties are selling within just over a month on the market and at a price discount of 5% on average, compared to an overall market average of 7%,” she said.