Sales Review: July - December 2019
Category Market Update
Good news! Interest rate cut as we kick off 2020 on a more positive note
We kick off 2020 with the Reserve Bank's Monetary Policy Committee (MPC) announcing that the prime interest rate will be reduced by 25 basis points to 9.75% (repo rate to 6.25%). With inflation contained within the mid-point of the MPC's target range and the currency remaining stable and in fact slightly improved, it was an opportune time for the MPC to provide some much-needed economic relief. It is encouraging that the MPC hinted that a further rate cut may be on the cards during the first half of the year.
Seeff ended December with the successful negotiation of the sale of No. 8 Chamberlain Road, Claremont Upper. According to PropStats, this was the only sale recorded for December 2019 across all suburbs and agencies. This means we achieved a 100% market share for December.
Reviewing the sales activity for the last 6 months of 2019 (July - December 2019), PropStats data for Bishopscourt and Village, Claremont and Kenilworth Upper, Trovato Estate and Kenilworth shows a total sales value generated of R209,890,000 with 25 homes sold at an average price of R8,395,600 across all suburbs and agencies.
Our Seeff sales team concluded a total of R60,150,000 of this with 9 sales, proudly achieving a 28.66% market share in Rand value turnover and 36.00% market share in number homes sold.
For Claremont Upper and Kenilworth Upper our Seeff sales team achieved amazing results for the July - December 2019 period as illustrated in the table below:
| PropStats July - December 2019 | Seeff Sales | Seeff Market Share % | ||||||
| Suburb | Units | Sale Price | Units | Sale Price | Units | Sale Price | ||
| Claremont Upper | 13 | 92,355,000 | 7 | 49,025,000 | 53.85% | 53.05% | ||
| Kenilworth Upper | 3 | 21,025,000 | 1 | 9,125,000 | 33.33% | 43.40% | ||
| Total | 16 | 113,380,000 | 8 | 58,150,000 | 50.00% | 51.29% | ||
The average time that properties spent on the market across all suburbs was 103 days while the Seeff sales team achieved an average of 52 days, thus achieving a sales pace twice as fast as the market average.
The average variance between the listing and ultimate selling prices for the same period across all suburbs was 19.97%. In contrast, the Seeff sales team achieved a variance of 8.55%, achieving much higher prices for sellers and beating the market by 57.19%.
Home is our Story and property our passion. If you would like to find out more about these property trends in the market, or how we achieve the continued successes for our clients, please get in touch.
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Author: Seeff Southern Suburbs
