Bumper Cape Town CBD apartment sales

Bumper Cape Town CBD apartment sales

Mandela Rhodes Place complex in the Cape Town CBD.

More than 49 apartments were sold in the Cape Town CBD during April, with sellers realising prices on average just 5 percent below the listed prices.

With 40 percent of these properties selling within 10 days of listing it shows that confidence in CBD property is extremely strong, with sales since April continuing along the same trajectory.

“An analysis of the apartment sales in the last month shows that the variance from listing price to concluded price has now dropped to around -5 percent on average,” says agent Mariël Burger of Pam Golding Properties. “In many instances there is no variance whatsoever for correctly priced property, which indicates confidence in the market, and the importance of agents correctly guiding sellers about marketing prices.”

A total of 14 apartments were sold at the listed price or above during April, with over 60 percent of sales being within 5 percent of the listed price. The largest price variance recorded in the CBD was 11.6 percent for a 94m² apartment in the Icon building in Hans Strijdom Avenue, which was listed at R2.45m and sold for R2.195m, but in total over 90 percent of apartments sold in April were within the -10 percent price variance. In April R84 557 000 worth of apartments were sold in the CBD, at an average price of R1 725 653.

“The number of days it takes to finalise a sale has also dropped considerably to just over two months on average, although in many instances properties are being sold within days of listing,” says Burger.

Most buyers choose Cape Town’s CBD for the location, convenience and security, but the underlying theme of the last three to four years has increasingly been value-for-money. In neighbouring suburbs such as Mouille Point and the V&A Waterfront, apartments are selling at around R50 000/m², which is almost three times the average price of property in the central city.

A diverse range of properties and prices is one of the central city’s main attractions and, according to the Central City Improvement District’s (CCID) State of Cape Town Central City Report 2013, these have turned Cape Town’s CBD into one of South Africa’s strongest residential growth nodes. At the time of publishing the report (looking back at 2013 as a year in review) property prices in the CBD ranged from R8 140/m² to R23 452/m², with an average last year of around R17 500/m².

The report also notes that the total value of apartment sales in the CBD increased from R145 million in 2012 to R249m last year, and the number of apartments that changed hands in Cape Town’s CBD increased from 132 in 2012 to 163 in 2013.

“In terms of rand value since 2010, apartment sales improved by 63 percent, and by 51 percent in the number of units,” says Stefan Hauptfleisch, a residential property analyst at Cape Property Price Trends.

The increase in sales is way ahead of the average 20 percent recovery in sales volumes and values recorded across South Africa’s housing market for the year to date, according to First National Bank’s figures. This growth is confirmed by Propstats.co.za (a property industry statistics website), which shows a total of 91 sectional title apartments changing hands from January to the start of June 2014, for a total of R145 493 800 (or R1.599m on average a sale). This is already 12 percent more on average than the R1.428m buyers paid last year.

“With property values escalating in the CBD as they would in any successful downtown, the need has now arisen for more affordable housing options as close to the CBD as possible,” says Rob Kane, chairman of the board of the CCID.

“The site of the old Good Hope Centre along with the Culemborg area are two examples of ideal locations for affordable housing developments. For a downtown are to remain successful, it’s vital that it is inclusive and offers opportunities across a range of prospective homeowner and rental tenants’ incomes, and brings them as close as possible to where they work. We believe these possibilities exist on land still available on the peripheries of the CBD, some of which is in the hands of local and provincial government.”

 

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