Demand for Woodstock apartments is surging!
Category Property news
After an interesting first and second quarter for the Cape Town property market, we have seen an incredible rally in Quarter 3.
The Woodstock area has stood out, seeing buyer activity bouncing back to levels higher than pre-lockdown earlier this year. The sectional title market in Woodstock has especially come alive after the hard national lockdown. First-time buyers and investors who have saved up deposits over the past years and are coupling their purchasing intent with the extremely low-interest rates, have created the perfect storm.
With all this being said, we are now at a point in the year where bond payment holidays are ending and reality is setting in for lots of homeowners and landlords. In saying that, a new trend has come up where properties have been sitting empty and many students / younger tenants have moved back with their parents. Finding tenants in these times, who are willing to pay pre-Covid rental amounts, has proven to be very difficult. Some estimations are putting current rental levels in the area down 20-30% when compared to the start of 2020.
Saturation in the market is, therefore, something that is likely to happen over the coming months. As more and more properties come onto the market, competition amongst sellers will naturally increase and the more motivated sellers will start adjusting the asking prices of their properties to reflect their seriousness to trade with the buyers in the market.
This means that as a seller, one could be competing with multiple comparative properties in an area. There will also be sellers who are willing to offload at prices far lower than what you would ideally be willing to let go for.
We, therefore, recommend that any investors looking to sell in the short to medium term strongly consider utilizing the current window of opportunity to capitalise on a top return while supply levels are stable and purchasing activity is at a high.
For more information or if you require any assistance, please click here.
Recent Sales in Woodstock by Greeff Christie's International Real Estate
The Wallbridge, Walmer Estate ZAR 2 995 000*
The Wallbridge, Walmer Estate ZAR 2 650 000*
Sussex Studios, Woodstock ZAR 1 525 000*
Woodstock Quarter, Woodstock ZAR 1 495 000*
Harbour View, Woodstock ZAR 1 495 000*
Woodstock Quarter, Woodstock ZAR 1 350 000*
Sharon Court, Woodstock ZAR 1 200 000*
*Asking price
Author: Greeff
