Kirstenhof - 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 and 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 Kirstenhof property market enjoyed the highest level of sales in three years ending the year with 38 full title sales at a combined value of R105,850,000 at an average selling price of R2,714,103. This is substantially more compared to the transactions concluded for the 2020-year and amounts to a full recovery back to the 2017-levels. The majority of sales were in the R2 million to R3.5 million rand with a highest price of R3.7 million (two sales).
Seeff is delighted to report that our local specialist, Jane Winter continues to deliver outstanding results and prices for sellers as demonstrated in the attached showcase of sales concluded in Kirstenhof. She attributes her success to decades of experience and her dedication to the market and working with sellers and buyers to ensure successful transactions.
The average selling price for a full title property in Kirstenhof at R2,714,103 for the 2021-year is about 15% up compared to the 2020 selling price of R2,362,162. This is largely due to more high-value transactions which resulted in a higher average selling price.
When it comes to asking prices, the average difference between these and the ultimate selling prices ended the year at just 5.9%, considerably better compared to the three prior years. The average time that properties took to sell was also considerably faster with properties spending just 34 days on average on the market.
Our outlook for the year remains upbeat despite the rate hiking cycle in effect. Even with that, the rate is set to 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. Kirstenhof 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 phenomenal access to schools and the University of Cape Town 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 Kirstenhof property is an excellent investment.
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Author: Gina Meintjes
