Entry-level Atlantic Seaboard, City Bowl properties double in price since 2012
Sellers of entry-level properties across the Atlantic Seaboard and City Bowl are cashing in on strong demand with prices doubling in less than five years.
Billy Rautenbach, Seeffs sales director for the areas, said that in 2012 some 35% of all sales were below R1m and only 16% above R2m. “Now there is basically nothing below R1m and 70% of sectional title sales fall above R2m,” she added.
To be specific, Rautenbach reported that a two-bedroomed flat on the Atlantic Seaboard now sells for about R2,3m and about R2m in the City Bowl.
And if you are fortunate enough to find an entry-full title home you better grab the opportunity, or, said Rautenbach, it will be gone. “These properties now sell for R4m in the City Bowl and R6m on the Atlantic Seaboard,” she explained, adding that the average selling price for full title and sectional title properties in the City Bowl is now almost twice as much as in 2012.
Craig Watchurst, Seeff agent, says that rentals are following suit. An unfurnished two-bedroomed flat now rents out for R12,000 per month, and R16,000 per month if furnished. A mid-sized unfurnished house costs around R18,000 per month and up to R25,000 per month if furnished.
Kasia Watchurst, Seeff agent, says that although you can still find a modest two-bedroomed flat on the Atlantic Seaboard for R14,000 per month, most units go for upwards of R20,000-R35,000 per month.
Top photo: Two-bedroomed apartments in Green Point, such as this one on the market for R2,895m, are in high demand and selling for close to asking price.