Claremont, Lynfrae and Harfield Village areas still selling well
Category Market Update
Despite the challenges around the high interest rate and economy, prime areas of the Southern Suburbs such as Claremont, Lynfrae and Harfield Village continue to attract good buyer interest with properties still selling within 25-37 days and sellers still achieving on average within 4.8% to 5.1% of their asking prices.
This is significantly better than the national average of around 12 weeks on the market, and price drops of around 8%-10% (and more in some areas.)
Seeff's top achieving area specialist, Belinda Keys, has enjoyed an outstanding first seven months of this year concluding 19 sales worth over R68 million (both solo and joint sales). This includes high value sales in Lynfrae of R5.25 million (New Park Road) and several in Claremont including two at R5.1m respectively (being Cecil Street and St Leger Road) and a R5.5m sale (Columbus Road).
Belinda enjoys an overwhelming market share of over 44% of all units sold compared to the next nearest competitors who concluded only around 11.76% and 8.82% of all units sold, respectively. That means that the agent concludes almost half of all sales in her solo areas such as Lynfrae. She enjoys enormous trust and confidence from sellers and buyers alike.
An overview of the data on Propstats for the market as a whole show that for the Claremont area below Main Road around 19 freestanding houses have sold in the January-July period, at an average selling price of R3.7 million. Properties spent on average around 37 days on the market, and the difference between asking and selling prices averaged at around 5.8%.
The sales have been mostly 3-4 bedroomed houses in the R3.3 million to R4.9 million range along with a few sales above R5 million including the two R5.1 million sales and a R5.5 million sale, concluded by Belinda, as noted above. A R7.5 million private sale was also concluded which is a price record for the area.
In the Lynfrae area, around 13 sales were concluded at an average selling price of R4.367 million. Properties sold slightly faster, spending on average just 32 days on the market. The difference between asking and selling prices averaged at 5.1%.
Most of the sales were three-bedroomed houses which sold for between R3.6 million and R4.9 million. Notably, four sales were concluded over R5m including the R5.25m (New Park Road), concluded by Belinda.
In Harfield Village, a notable 19 sales were concluded at an average selling price of R2,883 million, selling within just 25 days on the market on average while sellers achieved prices of just 4.8% below their asking prices on average, some achieving closer and even full asking price.
Most of the sales were in the R2 million to R3.4 million range, mostly two-bedroomed houses. Bigger homes with three and more bedrooms generally achieved higher prices of up to R5.49 million (Princess Road).
Belinda says these are some of the most in-demand areas in Cape Town for various reasons including the convenient location to top schools and the Claremont CBD area with plenty of restaurants, popular parks, and other amenities in the area.
Home is our Story and property my passion. There is always a shortage of stock in the Claremont, Lynfrae and Harfield Villages areas, and it is still a good time to sell.
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Author: Gina Meintjes
