The property market across the Cape Southern Peninsula continues to boom as people move into the area seeking a better quality of life. Seeff’s data indicates that the demand for properties in this area remains high with locals, semigration and international buyers continuing to look for opportunities in the market.
The combination of a magnificent lifestyle and genuinely affordable prices make False Bay a smart investment and a perfect place to call home. The flipside of this, says Anton Liebenberg, manager of Seeff False Bay, is there are opportunities for sellers to capitalise on the market.
Buyers are motivated by the incredible coastal lifestyle, the relaxed atmosphere, warm waters, and breathtaking natural beauty. Many see it as the dream of a lifetime, and it is not unusual to find people moving from the suburbs to False Bay. The mix of buyers is also incredible, from older buyers heading here for their retirement years, to young first-time buyers and families.
Propstats data shows that properties are selling within about 6-8 weeks on average, although correctly priced properties are selling much faster. In terms of prices, the majority of sales have been under R3 million for this year so far. The data also shows that while sellers are getting on average about 4.1% below their asking prices, more than half are getting even closer to their asking prices.
As property trends continue to shift and buyers continue seeking properties in areas which offer a better quality of life, we foresee that demand will be sustained for the rest of the year. That means that for those who are thinking of selling, there might be an excellent opportunity to find a buyer and a good price right now.
Importantly though, sellers are cautioned not to overprice. While prices have risen notably since the pandemic due to the unprecedented demand and sales volumes, price growth has slowed, and the data shows that sellers who price correctly for the market tends to achieve the best results.
For example, Propstats shows that properties sold over the last three months which achieved closer to the asking prices - selling either for the full asking price or about 3% below at the most - have also sold within a week to three weeks. This is about half as fast as the general market average.
The key to this success lies in the seller choosing the right property agent to handle the sale. As market experts, our Seeff agents offer a deep understanding of local market trends and property values, allowing them to provide a professional assessment, and set an optimal asking price. Their expertise also lies in negotiating the best outcome for the seller by reducing the time a home sits on the market and helps sellers maximize their profit.
For a free assessment of what your property might sell for in the current market, contact us today.
