The area around Table Mountain has always proved to be highly sought after and during the recession the prices in this market held its value, and although they didn’t increase in value much, they did not crash as they did in some areas of the Western Cape, said Lanice Steward, managing director of Anne Porter Propertie.
In the first quarter of 2013, the market has shown a marked increase in activity across all areas. “This has been across all segments of the market in which Anne Porter Properties work in Cape Town, the nett result being stock shortages experienced by our agents in various areas,” said Steward.
Over the last three months there has been a resurgence of activity in the upper end of the market, said Steward, particularly of properties that have been on the market for over three years. Recently APP sold a property for R10,5 million in Hout Bay which had been on the market for over four years and a property in Constantia for R5 million that has been on the market for over two years, she said.
Currently there are stock shortages being experienced in the R2 to R3,5 million price range, which should result in the prices starting to increase, said Steward.
Although John Loos’ recent Property Barometer report mentions that the upper income and high nett worth segments had properties selling in 17,8 weeks and 19,6 weeks of them being on the market, although accurate, the figures do not reflect some of the very old stock.