Steenberg Golf Estate Success
Category Southern Suburbs
Congratulations to Karin van Niekerk and Shahad Jaffar for their continued success.
Dynamic and hard working, Karin and Shahad have secured a sale in Steenberg Golf Estate. Listed by multiple agents, the property was sold recently to a cash buyer and avid golfer.
What is currently happening in the Cape Town market place?
After 18 months of price correction and subdued interest, there are green shoots appearing.
According to FNB economist Siphamandla Mkhwanazi, the latest property barometer of sub-regional indices (August 2019) shows that first-time buyer activity has increased in Cape Town largely because of the shift towards more favourable pricing.
While house prices in more affluent areas continue to be under pressure, according to FNB, this has created opportunities for savvy investors. Areas like the Atlantic Seaboard are still considered to be a lucrative investment option. The buyer profile for this premium market has diversified, with many coming from Gauteng to work and live in Cape Town. The same can be said for the luxury market in Newlands, Bishopscourt and Constantia.
Another positive highlighted by the latest FNB research is that the length of time a property is on the market before being sold has improved. Last year, the average time was 16 weeks. It is now just over 12 weeks.
Underlining Cape Town's international reputation is the announcement of a R7.5 billion capital investment in the expansion of Cape Town International Airport over the next five years to accommodate the growth in passenger numbers. The Cape Town Central City Improvement District has also revealed that 39 developments worth more than R13.5 billion are in planning for the CBD. Cape Town has consistently performed in terms of house price growth over the medium to long term, and we are encouraged by the signs of a recovery.
Author: Knight Frank