Kenilworth offers the newest buy-to-let opportunity off-plan
Category Property news
Southern Suburbs on the map
Fueled by a healthy demand for rentals, the average selling price for sectional title units across the board in the Southern Suburbs has risen by 14% over the past 12 months when compared to the average selling price for the previous 12-month period, according to Mike Greeff, CEO of Greeff Properties, an exclusive affiliate of Christie’s International Real Estate. “The demand is being driven by a strong buy-to-invest trend, which is making itself particularly apparent in the response we’re seeing to brand new developments,” adds Greeff. “Having launched a number of new developments over the last 12 months, it’s clear by the volume and speed of sales that savvy investors are aware of the benefits of buying off-plan; the absence of transfer duty is a bonus, as is the fact that selling prices tend to rise as soon as demand increases and the development is on the map,” says Greeff.
“While sectional title properties across the length and breadth of the Southern Suburbs have tended to hold their values through the economic trough and are now increasing in value as seen by the stats, a shortage of stock and indeed of new land upon which to build, might slow future growth in total sales revenues in that there will be fewer transactions in those stock-short suburbs,” maintains Greeff. “Investors looking for new developments are starting to transfer focus onto Kenilworth, which is currently undergoing a rejuvenation in commercial as well as residential sectional title properties, and is the locus of some new developments” says Greeff.
Kenilworth selling prices on the increase
Propstats reveals that the average selling price for sectional title Properties in Kenilworth has increased by 14% for the period of March 2014 to March 2015 when compared to the previous year.
“Sectional title properties in Kenilworth are also spending less time on the market before being snapped up, with the average listing period dropping to four weeks over the past 12 months from seven weeks for the previous 12 months,” says Greeff. He adds that the strong buyer and investor confidence in the Kenilworth area is clear when examining the total annual sales revenue for the suburb as revealed by Propstats, which reflects a year-on-year increase of 17% to R158 588 500 from R134 989 570 achieved for the 2013 to 2014 period.
Author: Greeff
