According to Propstats, the total revenue for free-standing homes sold in the Constantiaberg region from September 2013 to end February 2014 grew by two percent to R906 665 million from R888 413 million – the total reported revenue achieved for the area during the preceding six months (March 2013 to end August 2013).
The Constantiaberg region comprises both Constantia and Constantia Upper, Meadowridge, Bergvliet, Plumstead, Diep River, Tokai and Kirstenhof.
“Constantia was the outright leader with 87 out of 227 (38 percent) sales recorded by Propstats for the six month period,” says Mike Greeff, CEO of Greeff Properties, an exclusive Affiliate of Christie’s International Real Estate. Greeff adds that this figure is two percent up on the preceding six months when Propstats figures indicate Constantia accounted for 36 percent of all Constantiaberg sales. Jostling for second place where Tokai, accounting for 20 percent of the sales, and Plumstead, where 18.9 percent of the sales occured. Activity levels were lowest in Kirstenhof, which accounted for just over two percent of the sales.
“While these figures do not represent every single sale concluded in these areas, as not all transactions are submitted to Propstats, they are nevertheless indicative of an upward trend for Constantia,” says Greeff. “The reason for the increase in activity stems from a currently prevailing more decisive mindset among both sellers and buyers; people are not remaining on the fence any longer waiting for prices to increase dramatically – they’re selling at current market prices, which in some cases have risen only marginally, but on average have held their own,” says Greeff. “For sellers right now, it’s more about lifestyle decisions,” adds Greeff, explaining that properties are being put on the market as sellers are upscaling or downscaling and making moves to be closer to schools. He says that buyers currently comprise locals who are moving from other Southern Suburbs into Constantia, or existing Constantia residents moving, but staying within the suburb. “A significant portion of the buyers are young families relocating from Johannesburg,” reveals Greeff, while the Greeff Constantia Upper agents report that there is still a good deal of interest from foreign buyers and indeed foreigners who have been renting in Constantia and have decided to buy in the area.
“The weak rand is definitely playing a large part in this trend, given that current exchange rates make it difficult to motivate for a move offshore with incumbent losses,” says Greeff.
Recent sales in Constantia Upper by Greeff include: a five-bedroom, five-bathroom home with a separate cottage – selling price: R7.15 million; a four-bedroom, four-bathroom home which fetched R7.8 million; and a five-bedroom, five-bathroom house on an acre with a tennis court which sold for R11 million.