Wynberg Upper - Sectional Title Market Update | June 2025

We are very pleased to be able to recommence our regular newsletter that focuses on property matters in your particular part of the world.

Our intention is not to simply provide a generic overview of the property landscape in the Western Cape or even on the Peninsula. Whilst of interest to a property owner, our intention is to mine deeper and to provide an analysis of what is happening, right now and where you own property.

For most of us, the property we own represents our single most valuable asset - for many, it is our only significant asset. Consequently, the value of that asset, how it measures up to the current market - and especially - when is the best time to obtain the greatest possible return on that investment is information that we believe to be of real benefit - as long as it has particular application to where we own that property.

You are the owner of a sectional title property in Wynberg Upper (defined in practice as that part of Wynberg above the main road).

Therefore, this newsletter shall focus only on the sectional title micro-market of this particular geographic pocket.

Where appropriate, we shall reference the market dynamic at play in neighbouring suburbs.

THE CURRENT MARKET CONDITION

The Wynberg Upper market, this year, has one defining characteristic that has had several beneficial consequences for property owners in this area.

In short there is a distinct shortage of stock entering the market - very few properties are being listed for sale.

Many ask why this is so. There are any number of reasons for the short supply of properties going to market but, as a consequence, it has created a strong sellers' market.

In simple terms - supply is short and demand is brisk. As in any free-market environment, short supply drives demand and this tension between supply and demand drives price.

This is particularly evident in your area.

Buyers engaging in the current market have an awareness of the prevailing condition. An increased number of buyers have lost out on a property by being too slow off the mark to secure it or by being of a mind that an opportunistic or 'opening bid' offer is a good idea.

Serious, committed buyers have accepted that this is not the time for delay and that they need to act promptly and decisively should they wish to successfully purchase a property.

We have analysed the current market condition in your area for the first half of this year and then considered market performance over the same period of 2024. The result of this analysis speaks for itself.

In the first half of 2024, the average price paid - per square metre - for all sectional title sales in Wynberg Upper equals R17 812 00.

In the first half of 2025, the average price paid - per square metre - increased significantly to R24 196.00.

Of interest too, is that the average time a property remained on the market before selling shortened appreciably.

• January - June 2024 - Average Time on Market = 65 days
• January - June 2025 - Average Time on Market = 22 days.

We should also note that during the 2024 assessment period, no property is recorded as having sold before listing.

However, during the 2025 assessment period, we sold three properties without having to list them and a total of four properties sold in less than a week.

Also noteworthy is the variable between listing price and ultimate selling price.

• January - June 2024 - difference between listing price and sale price = - 8.2%
• January 2025 - June 2025 - difference between listing price and sale price = - 5%

Although there were less sales in the first half of last year (13 in total) compared to 16 sales so far this year, the fundamental difference is that properties are being listed - and sold - for significantly more and they are taking far quicker to sell.

It is accordingly an especially good time to be a seller. If ever there was a time to be bullish about price, it is now.

We have not seen a market such as this since 2014.

A CASE IN POINT.

Beauchamp Place - Corner Wolfe & Riebeek Streets

We listed this two bedroom/two bathroom apartment in May. It offers 126 square metres under roof and presents beautifully - in every respect.

It is however not without obstacles:

• It offers just one secure parking bay.
• The second bedroom is also where the front door is to be found and is therefore also a thoroughfare.
• The sectional title scheme is running at a financial loss.

We were mindful that no area sale supported our proposed listing price of R5 000 000 - by a country mile. Several other assessments had been obtained by the seller, and all had recommended a listing price of some R1 000 000 less - at least.

We nevertheless went to market having networked with our existing stable of buyers and confident that a very bullish price was appropriate given the current market dynamic.

This is a special property with unique attributes. We knew it would appeal to a niche market who we hoped would pay a premium for it. Fortunately, our stable included such niche buyers who we were certain would have a real interest in this property.

It sold within three weeks for full asking price.

This is the market in which precedents such as this are set and that can only benefit property values in the area generally.

Other area sales of interest:

Wellington Mews in Wellington Avenue.

There has been a good number of sales at this charming old block this year. We brokered all three of these sales and all three sold for record prices.

Of the 16 sectional title sales recorded for this year so far, we have brokered the sale of eight of them, holding therefore a 50% market share and dominating the market. We therefore have a very well stocked stable of buyers to match to a next listing/s.

FORECASTS

Predicting market behaviour is a lot like consulting a crystal ball - an array of variables and disruptors can influence the market, whether national or international.

It is so that we are well into the winter season where traditionally the market quietens. Our opinion is that the usually quieter months, given that demand for properties still exceeds the supply, will be less felt than in past years and it shall remain a strong sellers' market.

Accordingly, we do not believe that one need wait until later in the year and for summer, to realise a very impressive sale price for your property.

For the time being, the tension in the marketplace strongly favours a seller and full advantage ought to be taken of this opportunity.

OPTIMISING THE MARKET CONDITION

To take full advantage of the current market condition, it is essential to interview and appoint a suitably qualified agent to be accountable for the sale of your property at the best possible price.

Critically, your agent of choice must have a proven track record in your area. Market knowledge is area specific. Effective selling in Wynberg Upper is an environment with unique influences. This is not a 'one size fits all'. Your agent must have demonstrable abilities in selling properties, comparable to yours - in your area.  The volume of such sales will provide a seller with the assurance that the agent:

• Has a sound understanding of your micro-market.
• Has a stable of pre-approved, serious and vetted buyers who want to acquire property in your area.
• Has longevity as an active property broker in your area.

Questions to ask a prospective agent:

• When was your most recent sale in my block/estate and in my area?
• Would you please provide me with a list of the last ten properties you sold in my area?
• How long did it take you to sell your last three listings?
• What was the level of interest in those properties?
• What is your average variable between listing price and sale price?
• Did the property list at a price recommended by you?
• What is the average time on market - your last ten properties?
• Please substantiate your recommendation for the listing price of my property.
• Do you have buyers that will want to see this property tomorrow if you list today?

The current market condition together with a seasoned, professional property broker with verifiable abilities and credentials will see a property sell very, very well indeed.

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