Constantia Market Update | September 2019
The property market has been showing signs of an uptick recently, with far more activity and more buyers around. Buy to let & investment buyers are also taking advantage of the market situation and coming back to buy. While it may be too early to say the market is booming, it is definitely improving!
You have probably heard the expression 'buyer's market', to describe the property market now. Basically, there are more houses for sale than there are buyers for those houses. This is illustrated by this table, which shows the number of houses for sale vs those that have sold.
| For Sale on Property24 | Sold in 2019 | ||||
|---|---|---|---|---|---|
| Number | Average Price | Number | Average Price | ||
| Constantia Doordrift | 46 | R4 674 413 | 19 | R4 677 868 | |
| Constantia Hills | 4 | R5 697 500 | 6 | R6 187 500 | |
| Constantia Rural | 16 | R9 049 375 | 9 | R 7 472 222 | |
The key points are:
- The average asking and selling prices are very close, except in Rural Constantia.
- Buyers have a lot of choice
- Houses are selling - those that offer the best value
- The slow market means buyers struggle to sell their houses in order to buy a new home, which has a 'knock on' effect
- Many owners have decided to rent instead of sell, as the offers have been too low. This is a major reason why we are not seeing selling prices drop far more
- Homestaging, show houses and good pricing are all needed to make a house stand out vs the others
As ever, we would love to hear from you.
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23 Sep 2019
Author Nikki Edenborough | Seeff Southern Suburbs
