Areas and Places

Newlands home sold in two days for full asking price

Homes in security villages or secure complexes are still very much in demand, particularly if they’re in one of the popular, sought after southern suburbs areas such as Newlands, which is close to many of the well known good schools, UCT, and sports clubs, says Lanice Steward, managing director of Knight Frank Anne Porter.

A case in point, she said, was a 23 year home sold recently by Brandon Chalis, the Knight Frank Anne Porter agent for the area, which is in a secure complex that has eight units.

The three bedroom, two bathroom home was sold within two days of putting it on the market, at the full asking price of R3 750 000, said Chalis.

“Although the home is in need of a little modernisation and refurbishing,” he said, “this didn’t seem to deter the buyer, proving to us that homes in this area, if priced correctly and are in the “right” position for the buyer, will be sold in a very short time.”

In addition to the three bedrooms, this house has a living room, a study, one garage and two parking bays. The 164m² home is on a 349m² erf.

When looking at figures in PropStats, the Institute of Estate Agents’ property data service, it is interesting to see that homes are now selling at figures closer to the asking price and are selling in a shorter period of time.

In the first quarter of this year, the average time a house was on the market was 218 days, with a 10,6% difference between the listing and selling price. In the last three months (June, July, August), homes have been on the market in that area for an average of 65 days and have sold at prices within 6,6% of the asking price.

“Newlands has always been popular with buyers because of its central position and close proximity to many of the Western Cape’s best schools, UCT, the easy access to the M3 highway to the CBD or south, and the many retail shopping options and restaurants, all within a few minutes’ drive,” he said.

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