Seasonal property trend.
Allayed fears of water scarcity will undoubtedly reinforce the seasonal market rebound usually seen in the Cape Town residential property market in the early months of spring, according to Pam Golding Properties (PGP).
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There’s also been much talk of late about the softening of house prices in the Cape metro, which until recently was the top performing area in the country. According to PGP, this should not be seen as cause for alarm.
This price correction should be viewed positively for the market. After more than a decade of accelerated house price growth, especially in areas such as the Atlantic Seaboard where property prices increased by 650% in the past 15 years, what we are seeing now is a natural price adjustment, says Richard Day, Pam Golding Properties Group General Manager.
He says, seen in perspective, the Western Cape remains a desirable place to live and invest, and it is still the top performing regional market, with a 10.6% price increase from January to June 2018, according to the PGP Index.
The national average was only 4.25%.
The gap may be closing between house prices in the Cape metro and other cities, but the slowing of house price appreciation in some of the city’s property hot spots has also had the concomitant effect of boosting the market in others.
House prices in suburbs close to the City Bowl, such as Woodstock and Observatory, offering many of the same benefits as their more expensive counterparts, are showing signs of positive growth.
Author: Richard Day
Original publisher: Fin24
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