The Perfect Storm in Woodstock and surrounds
Category Cape Town Property Market
The analogy of the Perfect Storm has been bandied about in many aspects of the business but it couldn't be more apt in the current Woodstock & nearby suburbs property market. While there are a large number of properties on the market, there is currently an equal amount of demand from purchasers.
This Perfect Storm can only take place if several factors align and create an environment wherein the successful movement for a homeowner and their property sale can be achieved. Owing to many variables, the most important aspect in creating the perfect storm lies in interest rates remaining at an all-time low. This has the effect of incentivising purchasers who haven't yet stepped into the market to take this opportunity before it's too late.
Adding to aforementioned aspects is the current economic climate, where time and money spent on the local market has increased. There has been additional impetus from individuals to pour their money into property instead of the luxury of travel. Over the past few months, Quay 1 International Realty has witnessed a developing trend whereby the number of available properties in the market has matched the pent-up demand from purchasers.
Joseph Johnson, Associate in the Quay 1 International Realty Team in Woodstock and surrounds, comments that "with the amount of purchasers in the market and the number of properties making their way to the market, we have seen a good deal of movement in all price segments in the City Bowl. It has created an environment in which all sellers can conclude a successful sale if they price their property correctly from the start of the campaign.
Having sold properties in the segment of R4,000 000, R 2,000 000 and below R1,000 000 price brackets, we are confident that this market is conducive for all sellers at the moment."
Justin Nortier, senior broker of the division follows on from Johnson by saying that, "our sense is that there is a limited time-frame to these high activity levels. The main contributing factor being the media and perceptions of the subdued economic climate that we are potentially heading towards.
This has the ability to add hesitation for purchasers in moving forward on their property purchases which have the ability to shift the market into one of a buyers market climate in 2022."
The Quay 1 International Realty sales teams have been very active throughout the winter period, concluding over R70 Million worth of transactions in the month of August alone. As we approach the "selling season" in September, we have a number of keen purchasers that are looking to purchase in the area.
Should you wish to take advantage of this window of opportunity, or alternatively, if you're interested to know what your property is worth in the current market, click on the button below and one of our area specialist brokers will be in touch.
Author: Quay 1 International Realty
