Rondebosch property market on the up and up

28 July 2015

Comparing this year’s figures and activity in the residential property market to last year’s in the Rondebosch area, Knight Frank Residential SA agent Jeanne Cowan says that there is “definitely more movement in the market now than last year”, in that many more valuations are being called for and more sellers getting their homes ready for sale now.

This could be attributed to a few factors, she said, one of them being that owners have become aware of the fact that it is very much a sellers’ market in Rondebosch at the moment and the other is further possible interest rate increases, which could slow down or hamper the sale of a property if buyers cannot get the loans they need. Sellers are reacting to the possibility of interest rates rising, choosing to put their homes on the market now (even though winter is traditionally a quiet period) rather than wait and chance the possibility of fewer buyers showing interest, she said.

Usually July and August can be a quiet period, said Cowan, but this year all indications are there that the activity in the market will not be slowing down in Rondebosch. Where homes are priced correctly they take around eight weeks to sell and homes have been known to sell even quicker if they are in a high demand school catchment area.

PropStats (the Institute of Estate Agents Western Cape property data service) figures for the last month and a half show that the average price of homes in the greater Rondebosch area is R3,671,250, with properties taking an average of 14 days to sell with only 3,4% difference between the asking and selling price. While the average price achieved during the same period last year was R3,459,176, the difference between asking and selling price was 5,5% and homes were taking 48 days to sell.

“There are two homes at present, which we think will sell quickly. One on the ‘academic mile’ Rondebosch Upper and the other on the ‘silver mile’,”, said Cowan.

The one on the wind-free, popular academic mile is a three bedroom, two bathroom home with two living rooms, swimming pool, two garages, has a 602m² plot and is very close to the M3 highway and UCT. This home is also within minutes of leading schools and would be the right choice for a young family wanting a home that is neat compact, and ready to move into, she said. This property is in a quiet, undiscovered pocket of Rondebosch.

The second home is a traditionally built ‘Rondebosch style’ double storey home, set on a 991m² plot. This home has four bedrooms, two bathrooms, three living rooms, a heated swimming pool, two garages and off-street parking for an additional eight cars. It also has a study with its own entrance, offering the opportunity to work from home. The large loft room above the garage has great potential for a games room or teen pad. This plot is larger than the average in the area and it is conveniently situated near the M5 highway.

“Many buyers will be looking now for the next academic year, which will add to the burgeoning buyers list we have. The limited stock on the market now will ensure that homes that are priced correctly will sell quickly, possibly even before formally advertising or marketing them,” said Cowan.

For further information contact Jeanne Cowan on 021 671 9120 or email jeanne.cowan@res.za.knightfrank.com.