Rondebosch Remains Top Suburb
Rondebosch has long been regarded as one of the prime vicinities of the Southern Suburbs with excellent schools like Rondebosch, Bishops, Rustenburg, St Josephs College, Forres and Micklefield and close proximity to the University of Cape Town and easy access to highways.
Despite the current recession Rondebosch freehold property is still experiencing a lot of demand from new families looking to move into the area. According to Propstats, property prices have increased by 5.58% in nominal terms from an average of R2,713,139 in 2010 to R2,864,779 in 2011 for the period January to August, says Francois Venter, Regional Sales Manager in the Western Cape.
The gap between asking and final selling prices has also narrowed in Rondebosch over the last year, from 9.6% in 2010 to 8.8% in 2011. Properties have remained on the market for an average of 89 days from January to August 2011, down from 97 days for the same period in 2010, which is below the regional and national average.
Nevertheless, says Venter, sellers still need to be realistic with regard to pricing their property to the current market if they want to sell it. If a property is priced correctly and competitively to the current market from the outset, there will be interest and the market should respond with an offer of between 5 -10% of the asking price if potential buyers see value at that price, Venter says.
Pricing your property to the current market means ensuring that it's in line with the prices of comparable properties that recently sold and properties that are currently on the market, taking into account the property's unique features.
"If your property is overpriced relative to the current market, you risk eliminating potential, genuine buyers."
Properties that are overpriced and don't sell, become the basis for comparison for competing properties that potentially offer better value. This applies to almost any price level.
"The longer your property remains on the market, the greater the risk of receiving lower offers and eventually selling it below current market value or not selling it at all."
Leslie Catt-Ambrosi, Property Consultant for Rondebosch says there are approximately 30 properties on the market at any one time in Rondebosch, and about 20 show houses each week.
"Show days are a critical factor in successfully marketing property to the public. According to our figures, over 70% of sales arise directly from show days," she says.
About the Author
Paula Neild is the Marketing Manager for Jawitz Properties South Africa. Contact paula@jawitz.co.za or call 011-880-3550. Jawitz Properties specialise in South African property for sale and property rentals throughout South Africa. Visit http://www.jawitz.co.za for more information.
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