Claremont/Lynfrae - 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 Southern Suburbs neighbourhoods such as Claremont, Lynfrae, Harfield Village and Kenilworth enjoyed some of the best sales in three years with a notable improvement on early 2020 when the pandemic took effect and staging full recovery back to the 2018-levels.
Seeff is delighted to report that our local property specialist, Belinda Keys (together with Delia Walters) achieved a record year with 44 sales (covering areas such as Claremont, Lynfrae, Harfield Village and Kenilworth). Belinda attributes her success to decades of experience and a dedication to the market and working with sellers and buyers to ensure successful transactions.
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. The Southern Suburbs 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 area.
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 Southern Suburbs property is an excellent investment.
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Author: Gina Meintjes
