Western Cape Business News

Send  Share  RSS  Twitter  31 Aug 2010

PROPERTY: Bright Spots Start To Show


Recent Western Cape Business News

The World Cup tournament coincided with the mid-winter season, traditionally a quieter period for the property market in this region, and the result was a marked slowdown in sales activity.  But, says Pam Golding Properties’ MD for the Western Cape metro region, Laurie Wener, the situation has begun to reverse in the weeks since the final whistle blew. 

We are now seeing a definite pick-up in activity levels on the market,” Wener says, “perhaps assisted by the relatively mild winter and the anticipation leading into spring.  Certainly there is a renewed sense of optimism and positive sentiment in the wake of the successful World Cup, and this is spilling over into our housing market.”  Wener says the increase in sales activity has been noticed all across her region, which encompasses the entire Cape Town metropolitan area.

On the Atlantic Seaboard, area manager Basil Moraitis reports that there has been an upsurge in buyers securing well-priced properties offering exceptional value.  “It would appear as though many buyers postponed their property acquisitions during the World Cup,” he says.  “But many have realised that now is the time to re-enter the market, which is still offering unbeatable value.  This is reflecting in a significant number of sales, especially in the sectional title market.  Interest has ranged across the price spectrum, and recent confirmed sales have included two apartments at the newly-completed development in Chepstow Road, Green Point, where two apartments sold for R2.8 million and R2.6 million (VAT inclusive) within just a few weeks of being launched to market by PGP.  At the V&A Marina and in Mouille Point, we have seen buyers looking to secure exceptional investment properties, and PGP has recently concluded two such sales in these areas, both in excess of R10 million."

In the City Bowl, the demand for a convenient modern lifestyle close to work opportunities, beaches, restaurants and top schools, continues to dominate.    Moraitis says notable recent sales have included a unit at the superb newly-completed development, The Orangerie, located next to the Mount Nelson Hotel.  The one-bedroomed apartment with an unusually large deck was sold for R2.22 million, inclusive of VAT.  “We also concluded the sale of a two-bedroomed unit at High Cape in Devil’s Peak, for R1.7 million,” he adds.

In Cape Town’s leafy Southern Suburbs, the demand for family homes remains as strong as ever, and area manager Howard Markham reports that there has been a definite increase in activity across all price bands.  “In the past few weeks,” says Markham, “ PGP has concluded a number of notable sales, including three properties sold in Upper Constantia, one for R31 million and the other two for more than R6.5 million.  We also secured a R14.4 million sale in Upper Kenilworth and a R10 million deal in Newlands, as well as a sale of R6 million in Upper Claremont.  In addition to this there are several more encouraging recent sales which are still in the process of being confirmed.”

Markham adds that some of the lower-priced suburbs have also seen a return to form.  “There have been two sales concluded at over R3 million in Bergvliet, which is a significantly high price bracket for this suburb,” he says.  PGP’s brand new team of agents in the Tokai area has already sold two properties, and will be moving into a new PGP branch at the Westlake Lifestyle Centre in Westlake Drive in September 2010.

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