Although the national average house price now tops R1 million according to a recent FNB Property Barometer, younger buyers aged under 35 – often first time buyers – are still bagging plenty of bargains under this price level in a number of neighbourhoods across Cape Town’s northern suburbs.
That is the word from Seeff’s branches in Kuils River, Kraaifontein, Brackenfell, Bothasig and Goodwood who say that first time buyers have headed to the suburbs in greater numbers over the last year. The latest Lightstone data also shows that this has been a boost to sales numbers and prices.
“In Kuils River, although a relatively small outlying suburb, about 35 units were sold for the last year with a combined value of just under R28.5m. This is 50 percent more in sales and 30 percent more in value than the previous year,” says Pierre Germishuys, Seeff’s licensee for the area.
Although most of the sales were below the R1.2m price mark, the average price is up by about 23 percent from around R955 000 in 2013 and now stands at about R1.177m.
Posted in Residential Property News
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