Bergvliet property market holds up well during the first half of 2022
Category Market Update
The Bergvliet property market has held up well during the first half of 2022 with some interesting statistics insofar as the average price achieved and time that it takes to sell a property.
While the market has been slower overall with 18 full title properties sold during the first six months compared to 31 sales during the same time in 2021, sellers have achieved better prices while sales have been considerably faster.
The first notable statistic relates to a higher average selling price this year compared to last year. The average selling price for 2022 stands at R4,121 million for the first six months compared to R3,744 during the same time in 2021. This represents an uptick of 10% which is well above the current average price growth of around 2% to 4%.
This could be attributable to more high value sales. There appears to have been only 2 sales below R3 million this year with 72% of sales falling in the R3 million to R5 million range, and a further 3 sales above R5 million.
Another important trend is that sellers have been getting closer to their asking prices. The average difference between the asking and selling price was only 5% during the first six months of 2022 compared to 6.6% last year. By comparison, most other areas across the Southern Suburbs and Cape Town Metro are still seeing larger price gaps of up to 8% on average.
Properties are also selling much faster, spending on average only 18 days (2,5 weeks) on the market during the first six month compared to 31 days (one month) last year. Comparatively, the average for the Southern Suburbs is 74 days (10,5 weeks) and 83 days (11,8 weeks) for the Cape Town Metro.
While the Bergvliet market continues to show resilience, we would recommend that you work with an experienced local area agent who can provide the best advice and marketing to ensure you achieve the best results under the current market conditions.
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Author: Gina Meintjes
