PROPERTY: Property Sales Picking Up
Recent Western Cape Business News
The residential property market continues to reflect an increase in unit sales as interest rates remain low and the gap narrows between sellers’ asking prices and the price purchasers are prepared to pay, says Andrew Golding, CE of the Pam Golding Property group.
“For the first five (calendar) months of 2010 Pam Golding Properties’ (PGP) sales volumes, ie units sold, show an increase of 39 percent compared to the same period last year. Generally show house attendance has improved significantly, however, purchasers with low or no deposit continue to experience difficulty greater with access to bond finance,” he says.
While the bulk of PGP’s sales volume activity is in the price sector up to R6 million, the top end of the market remains active and the Western Cape region reports a strong demand for exceptional properties among South African cash buyers. Notable sales by the company include homes on the Western Cape Atlantic Seaboard sold for R45 million, R36.5 million, R35 million and R30.2 million. In Kommetjie a high end sale was concluded for R10 million while in Hermanus two properties comprising an apartment and a house were each sold in the R8 million price bracket.
The company’s Stellenbosch office reports an ongoing strong demand for correctly priced homes as families prioritise locations with access to good educational facilities. Two property transactions recently concluded were sold within a few days of listing as they were set at market-related asking prices. In addition, high end properties in Stellenbosch remain sought after among Gauteng buyers.
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