“The average selling price of property across the board in the Constantiaberg region not only exceeds current inflation figures but also beats interest rates earned on investments in other sectors, placing properties in these suburbs in a leading position when it comes to growing assets,” says Mike Greeff, CEO of Greeff Properties,Christie’s International Real Estates.
“The average selling price of all property types, and all title types, across the board, in the Constantiaberg region over the past 12 months, rose by 12 percent when compared to the previous 12-month period, according to Propstats,” says Greeff.
He says that the differential between asking price and selling price, on average, narrowed by 1.3%. “Properties are also spending less time on the market before being snapped up with average days listed dropping from 66 to 48,” adds Greeff.
“Broken down into property types, the figures revealed by Propstats tell a similar story, with the average selling price of Apartments in Constantiaberg suburbs growing by 12.2 percent over the past 12 months, and listing days dropping down to 17 from 42,” reports Greeff. He says the average selling price of free-standing homes in the region also enjoyed a 12.2 percent growth, and average listing days for this category dropped from 72 to 48 days.
Plumstead shows the highest growth in average selling prices, at 14 percent. “Exceptionally high demand in this suburb means buyers move quickly and this is evidenced in a drop in average listed days from 34 in the period April to April 2014 to 2015 to 27 over the past 12 months”. Many properties, according to Greeff’s Plumstead agent, Kurt Wucherpfennig, are snapped up within the first week of listing – sometimes in under a week.
Recent sales in Plumstead by Greeff include: A three-bedroom, two-bathroom modern home which fetched R2.4 million after being listed for 10 days, a three-bedroom, two-bathroom home with a double garage which went for R2.3 million, after only seven days of being listed, and a four-bedroom, plus study, four –bathroom home, with two lounges, which was sold for R2.5 million after 30 days.
“Three or four years ago, Plumstead was a R1.3 million to R1.5 million area. Today it’s on average a R1.8 to R2.1 million area,” says Wucherpfennig adding that larger homes on plots of 700m 2 and above are nudging and even breaking through the R3 million ceiling. “This is even true of certain properties below the railway line in Plumstead,” says Wucherpfennig.
Diep River was second highest performing suburb showing a 12.5 percent increase in the average selling price over the past twelve months, when compared to the previous 12 months spanning April to April 2014 to 2015.
“Here listing days are also down on average from 30 to 22 days,” says Greeff. Recent sales by Greeff in Diep River include: a three-bedroom, two-bathroom home which was sold after only 16 days of being listed for R2.8 million, while a record price of R4.6 million was fetched by Greeff for a six-bedroom, five-bathroom heritage home. Property values in Diep River have clearly increased, according to Greeff agents for the area, Roz Van der Walt and Liz Robertson. “A year ago, the average selling price in Diep River was R2.3 to R2.4 million. Now it’s not unusual to see prices of around R2.8 to R3.1 million on average,” says Van der Walt.
“Propstats for the whole of Constantia which incorporates Constantia Upper, Constantia and Constantia Rural indicates a 12 percent increase in the average selling price, with a two percent narrowing in the differential between asking price and selling price from -9.7 percent to -7.7 percent,” says Greeff, adding that days listed dropped from an average of 136 to an average of 102.
“Prices vary massively in the Constantia valley from area to area, but the average selling price, according to Propstats, over the past twelve months for Constantia is recorded at R6 596 850, and in Constantia Upper, for the same period it was R10.5 million,” says Greeff.
Top prices achieved by Greeff agents Anthony Snyman and Jean Kerr in Constantia include: a four-bedroom, four-and- a-half bathroom home with four reception rooms and three garages which fetched R6.5 million; A six-bedroom, seven bathroom home with a separate teen cottage which fetched R8.050 million, and a three-bedroom, two-and-a- half-bathroom home plus separate cottage, which sold for R5.2 million.
In Constantia Upper, sales over the past 12 months include: A four-bedroom, three-bathroom home with two cottages on the property which fetched R19.5 million; A five-bedroom, five-bathroom home with a cottage and wine cellar which sold for R17 million and a six-bedroom, five-bathroom home with three garages and a wine cellar which sold for R13.5 million.
In Zwaanswyk, the average selling price over the past 12 moths according to Propstats was R9 063 429, 11.6 percent higher than the average selling price of R8 122 069 recorded for the preceding twelve month period. “Properties in Zwaanswyk command higher prices due to massive erfen and the exclusivity of this mountainside area with its equestrian traditions,” says Greeff. Greeff’s Agent Mandy Kuhn recently sold a R29. 75 million luxury property with five-bedrooms and six bathrooms in Zwaanswyk”.
In Bergvliet, Propstats figures indicate that the average selling price over the past twelve months has grown by eight percent. “Here, two years ago, it was realistic to look at paying it R2.8 million on average. Now buyers can expect the average price to be closer R3.5 million, and it’s not unusual to see prices nudging and in several cases breaking through the R4 million mark,” says Greeff agent Roz Van der Walt. Recent sales by Greeff in Bergvliet include: a four-bedroom, three-bathroom home with study and two garages which sold for R3.75 million after 21 days of being listed with Greeff, and an unprecedented price for the area of R9.2 million was achieved by Greeff for a four bedroom, five-bathroom home with triple garaging on a one-acre property.
“Another very popular area is Meadowridge, and listed stock is short. Zoning for Sweet Valley School and easy accessibility to Constantia makes this a highly desirable area for a family home,” says Greeff. Propstats indicates that average selling prices in Meadowridge have grown by 10.6 percent over the past 12 months when compared to the previous 12 months.
Propstats reports that in Kirstenhof, average selling prices increased by 8.4 percent over the past 12 months, when compared to the previous 12 months and and average listing days dropped from 27 to 17. “A record selling price of R3.1 million was achieved for a home in Klein Wassenaar area of Kirstenhof by Greeff agent, Karen Little, beating the previous top selling price for the area of R2.6 million. The home had three bedrooms two bathrooms, three receptions one garage and one parking,” says Greeff.
Greeff reports that Tokai property Values are holding their own and says the average selling price as reflected in Propstats is up by two percent. “The average days spent being listed however has dropped from 96 to 44,” adds Greeff. Sectional title properties such as Tokai Villas are also in demand and here a three-bedroom, two bathroom unit with two receptions and a two parkings was sold by Greeff agent Karen Little for R1.98 million, setting a record for this complex where the previous top selling price was R1.65 million. In Tokai, Greeff recently sold a three-bedroom, two-bathroom home with three receptions and three garages for R4.1 million.
“The Suburbs of Constantiaberg are a haven in that they pretty much offer a have it all lifestyle. Private and government schools with excellent reputations abound. The historic and elegant vineyards of the Constantia Wine Route are on your doorstep. Mountain walks and trails are within easy reach thanks to a plethora of greenbelts and beach access is only twenty minutes away. The M3 offers a direct route to the City, but many people are choosing to work from home. All these factors will continue to ensure constant if not increasing demand and this makes real estate a sound investment,” says Greeff.
