Bergvliet/Kreupelbosch - One of the best property years as we head into a positive 2022
Category Market Update
Welcome to 2022! Our best wishes for a prosperous and healthy year to you and your loved ones!
The pandemic aside, we enter 2022 on a positive note for the property market, albeit remaining mindful that we are still operating in uncertain times.
We are delighted to report that 2021 was one of the best property years for the Southern Suburbs/Constantiaberg market. It was a year which demonstrated the resilience of the market which recovered to pre-pandemic levels with many areas reporting some of the best sales in over three years!
At a local level, the Bergvliet property market enjoyed the highest level of sales in three years ending the year with 54 full title properties sold at a combined value of R212,830,000. This is a notable improvement on the 2020-year and amounts to a full recovery back to the 2018-levels.
Seeff is delighted to report that our local specialist, Sharyn Dabbs achieved outstanding results for the year, selling 16 properties within 29 days on average and achieving 95.1% of sellers' asking prices. Comparatively, the rest of the market took almost twice as long to sell at an average of 44 days and sellers achieved lower prices at just 93.9% of their asking prices on average.
Sharyn attributes her success to decades of experience and her dedication to the market and working with sellers and buyers to ensure successful transactions.
The highest prices achieved in Bergvliet over the last year is R5 million and R5.85 million respectively with the bulk of sales falling in the R3 million to R4.5 million range.
The average selling price for a full title property in Bergvliet was R3,869,636 about 11% up on the 2020 selling price of R3,499,590. This is largely due to more high-value transactions which resulted in a higher average selling price.
Seeff's outlook for the year remains positive despite the interest rate hiking cycle which has been in effect since late last year. The expectation is that the rate may climb by about 75bps this year. Even with that, it will still remain below the pre-pandemic level and will continue to serve as an inducement for buyers.
That said, sellers will need to continue focusing on market-related asking prices to achieve sales success. Bergvliet remains one of the most in-demand areas and always in need of well-maintained family homes to meet buyer demand. Aside from the convenient location, the access to excellent schools and amenities remain strong selling points for the suburb.
While we must remain mindful of the potential impact that the ongoing pandemic and weak economic growth outlook may have on the market as we progress this year, last year's performance again showed that Bergvliet property is an excellent investment.
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Author: Gina Meintjes
