2020 Invitation To Sell!
Category Property news
2020 has gotten off to a galloping start with Greeff Christie's International offices across the group receiving more purchaser activity over the festive season than any other year in the previous decade!
Ryan Greeff, City Bowl, Atlantic & Western Seaboard Area Director notes, "on the back of fairly low purchase activity levels in 2019, it's been encouraging to see a new influx of Western Seaboard and City Bowl purchasers metaphorically breathing new life into the real estate market in 2020. There seems to be sentiment amongst purchasers that prices have corrected back inline with typical Western Seaboard residential property price growth, which roughly increases by 7 to 9% per annum and therefore purchasers are starting to find fair value in the marketplace which is evident from the upswing in activity levels."
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"We are seeing that the interest is coming predominantly from purchasers in the ZAR 500,000 to ZAR 3,000,000 price bracket in sectional title and between the ZAR 3,000,0000 and ZAR 5,000,000 million price bracket in the full title segment of the market" Greeff concluded.
Marthinus Botha, City Bowl, Atlantic & Western Seaboard Area Managing Director comments, "These price points are in line with where the banks are being fairly lenient with their lending criteria and in some cases are approving loans at up to 105% of the purchase price - the last time we saw this sort of bullish lending was just over 12 years ago. We have also noticed a spike in clients looking to sell their apartments to upscale into houses as the housing market is showing signs of good value and is starting to fall within the more liquid price brackets."
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Weighing in on what the current market represents for potential sellers, Monique Jordaan, a digital marketing campaign strategist at Greeff Christie's City Bowl, Atlantic & Western Seaboard says that, "timing in property plays a significant role in achieving a top price for your asset in any marketplace. Given that this new 2020 wave of purchasers have started to clear out a substantial amount of old inventory in the ZAR 500,000 to ZAR 5,000,000 segment, supply and demand is slowly starting to rebalance with potential to lean more on the side of demand which is an exciting prospect for homeowners looking to achieve a top price for their property assets. The recent decision by the SA Reserve Bank to cut the repo rate by 25 basis points will further bolster already decent market conditions by increasing purchase power of buyers in the market"
"Given the above, if you have been contemplating the idea of selling your property in the short to medium term, all data available suggests that there is currently an opportune window in the market to achieve a top price while selling conditions are still amongst the most favorable we have seen in a long time."
Should you wish to speak with one of our area specialist brokers about selling your property or simply require an updated appraisal, please click on here.
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Author: Greeff
