The Claremont/Lynfrae market is expected to remain active
Category Market Update
The broader economic outlook and latest Fitch and Moody's sovereign credit rating downgrades notwithstanding, the residential property market seems to continue its buoyancy.
Following what was initially thought to be a level of pent up demand driving buyer activity, five months later, it is now evident that the low interest rate and positive mortgage lending climate is having a sustained positive impact on the market.
The Southern Suburbs area in particular continues to be an absolute star performer in the Cape Peninsula and although the very top end of the price spectrum remains muted for a variety of economic reasons, the rest of the market continues at pace.
Where we had approached the end of last year with a degree of caution, it seems that buyers will continue prioritising property acquisitions this festive season and into the first half of 2021.
Much of the demand is driven by first-time buyers able to secure home loans, but we are also seeing other buyers using this favourable market phase to improve their own lifestyle outlook with a new or bigger home and even a change of neighbourhood, or to move closer to schools or amenities.
The Claremont/Lynfrae area is particularly popular because it benefits from a number of factors which underscore the demand for property here. The location is prime with excellent amenities and lifestyle benefits as well as access to Cape Town's best schools and the University of Cape Town.
The area offers outstanding value for first time buyers but also families to get into this high demand area. Property owners have benefited from excellent capital value growth during the economic boom periods and properties have continued holding their value. Thus, in addition to choosing a good location, buyers know they are investing in a strong area.
I have had a really good run since coming out of the lockdown and November was a particularly busy month. As a result, I need more stock around the R4 million price mark for the festive season and this is a fantastic opportunity for sellers to capitalise on this positive phase.
Working with a local area specialist with a track record of success who can provide guidance on realistic pricing remains an important part of a winning sales strategy as buyers continue dictating the pace in the market.
If you are thinking of selling, now is a great time to get into the market. With so much economic uncertainty there is little time to waste, so be sure to contact us to get your home into the system as quickly as possible.
Home is our Story, and property my passion. Whether you are actively thinking of selling or would like to know what your property might fetch in this market, please do not hesitate to contact me today!
______
Make sure to follow us on Facebook, Instagram, Twitter and LinkedIn for the latest tips and trends in the property industry, as well as some of the most relevant news about the area you call home.
Author: Gina Meintjes
