PROPERTY MARKET

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Property report for 2nd quarter 2016.

For the first time since 2005 the Greyton property market seems to be on the move. Sold boards now outnumber for sale boards 2-1. Stock at the bottom of the market is in short supply and we are now seeing sales above R4m.

Unlike 2005 resistance seems to be growing at the upper end of the market. Buyers report feeling the pressure form increased transfer costs, slow or poor performance of property in areas outside the Western Cape and a general wait and see approach before the elections. Traditionally the Greyton property market has cooled along with the winter, however this year interest remained strong over the winter school holidays. Visitor numbers for this period were up from last year.

It is evident that this all points to more activity in the middle, which more often than not receives a lot less attention than it should. It should also be noted that that there is a far greater demand for permanent homes than weekenders, a third bedroom being in most cases a must.

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douglas@greyton.co.za or + 27 82 425 9043

AUGUST PROPERTY OF THE MONTH

 

4th QUARTER PROPERTY REPORT for 2015

While record prices continue to be recorded just over the mountain sales of top end properties remain pedestrian. In contrast to this mid range houses now have sales time that measure in weeks rather than months. By definition these are three bedroom two bathrooms on 1000m² to 2000m² with buyers looking to make Greyton their permanent home rather than a weekend retreat.

Of particular note is the state of the Greyton rental market that is experiencing an extreme shortage of stock. This has largely been created by the vibrant short term rental market that caters for weekenders and holiday makers. Traditionally there has been a large difference in the rental potential between permanent and short term rental. This gap seems to be closing with an increase in permanent rentals.

In 2016 Greyton property may experience some challenges as several unsupportive market forces start to act. These are namely the continued slide of the ZAR putting imported inflationary pressure on consumers, interest rate increases usually associated with a cooling effect on the property sector and generally poor economic outlook. In opposition to this is the movement of buyers relocating from north to south creating demand against this national trend and a measurable scarcity in several sectors of the market.

GREYTON JANUARY PROPERTY OF THE MONTH

Greyton Property of the Month

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http://goo.gl/pPxCRr

douglas@greyton.co.za or + 27 82 425 9043

3rd QUARTER REPORT FOR 2014

It is very evident that sales in Greyton are accelerating with properties selling that have been on the market for two or more years. This is substantiated with an average house price increase of 14.28 percent according to Lightstone on a year on year basis. It is also worth mentioning that the average house price has only just risen above its 2008 high. If this is adjusted for inflation, the average house price still remains well below that of 2007/08 indicating good potential growth.

Most buyers are still originating  from up north and are having to undertake substantial downsizing in order to buy in the Overberg. Political and economic factors will continue to motivate buyers to move to safer pastures. New shops and businesses also seem to be  increasing overall activity in town and it is not longer quiet as sleepy during the week.

Overall outlook for sellers is positive as stock numbers continue to decrease. Furthermore there do not seem to be any major threats to prices and potential interest increases have already been priced in to this market.

PROPERTY OF THE MONTH

Property of the month.

CLICK HERE FOR NEW LISTINGS

 

http://goo.gl/pPxCRr

douglas@greyton.co.za or + 27 82 425 9043

2ND QUARTER PROPERTY REPORT 2014

In spite of some rough weather climatically and on the SA economical front property sales continued in Greyton. It was however noticeable that these were fewer. Traditionally property sales have slowed in Greyton with the onset of winter and this year was no different. Also an expected interest rate increase may have caused some to adopt a wait and see approach.

In spite of this demand for entry-level properties is still very high with agents struggling to find stock. Accordingly sales times in this sector are now measured in weeks rather than months. A phenomenon not seen since late 2006/2007.

If history is anything to go by this should translate into strong sales in the middle of the market in the 3rd/4th quarter. Demand for Overberg property remains high as buyers from up north continue to look for safer pastures down south.

FEATURED PROPERTY THIS MONTH

Property of the Month

CLICK HERE FOR NEW LISTINGS

http://goo.gl/pPxCRr

douglas@greyton.co.za or + 27 82 425 9043

Greyton Property Report for the 1st quarter for 2014

Property sales accelerated during the first quarter with stock numbers continuing to shrink. As a result most agents now have little or no property for sale below R1.6m. Concerns over whether sales would continue after a positive Christmas and New Year seem to have been unfounded. If anything general demands in the bottom half of the market far outstrips supply and as a result properties are selling quickly for asking price. Year on year property transactions increased 30% in the first quarter while the average house price remained the same after inflation.

This is however not the same at the top of the market, although some of the higher prices homes are now selling after being on the market for more than a year. In general most buyers who have looked in other areas still seem to think that Greyton offers reasonable value. Similar properties in other weekend and retirement areas closer to Cape Town and the sea are now selling on a price per sqm for double that of Greyton. No doubt the election will have an as yet unknown effect on property in the Western Cape with many buyers and sellers anxiously awaiting the outcome.

Click Below for Property of the Month

PROPERTY OF THE MONTH

GREYTON PROPERTY MARKET REPORT FOR DEC 2013

The 4th quarter of 2013 showed an increase in interest and viewing numbers which translated into robust sales. This was not dampened by heavy rains in late November. Thankfully TWK storm water management efforts seem to having the desired effect.

Stock numbers continue to decline and time to sale has almost halved since Jan 13. For the first time since 2007 buyers are starting to outnumber sellers in the lower half of the market. Also for the first time in as many years there have been two sales in the R3m + category which are encouraging for higher priced sellers.

For the past two years sales have followed a seasonal trend, many owners will be watching to see if December’s momentum carries over into the first quarter for 2014. Traditionally interest in Greyton and property has remained strong until Easter.

It should be noted that it is not just Greyton but rather the whole Overberg that is showing strong property sales. In recent conversation with an independent property valuation company it appears that the outlook for 2014 is the best that it has been in 5 years. They site the following driving factors in the market:

  1. Continued relocation of professional or retiring persons from North to South.
  2. Weak Rand encouraging repatriation of funds by South Africans employed overseas.
  3. Stable Municipal area with good track record.
  4. Security
  5. Local schooling and other useful infrastructure.

Click Below for Property of the Month

PROPERTY OF THE MONTH

CLICK HERE FOR NEW LISTINGS

http://goo.gl/pPxCRr

douglas@greyton.co.za or + 27 82 425 9043

GREYTON PROPERTY REPORT SEPTEMEBER 2013

Well it seems spring is here in drips and drabs but the flowers and trees don’t seem to mind. Talk has turned to the Rose Festival on the 26th and 27th of October 2013. There are multicolored daisies in the open fields and emerald green shoots on the oak trees. Mornings are still cold but by lunch time its quiet pleasant.

Property in spring has always been a good bet and there seems to be a slight increase on the already active market. Of note after several quiet months have been two sales and in the retirement village. Both for a reasonable price and one selling as it went on the market. Also it seems that properties are starting to move in the R2m –R3m where excellent value on a price per square meter is still available. PGP Greyton recorded three sales in this price range. Sale numbers also seem good in the under R2m where the majority of buyers are active.

Stock numbers continue to drop with most properties being sold before being withdrawn. Buyers remain price conscious and intolerant of any perceive over pricing. Choosing either not to view or submitting very low offers to compensate. As ever common sense prevails and a fair price will always attract the interest of most serious buyers!

GREYTON PROPERTY REPORT JULY 2013

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Driving around Greyton you would be forgiven for thinking that there is a sold board on every corner. It seems that there is more action in town than the Caledon Casino. Out of the blue the second quarter of this year saw eight sales in its last six weeks.

Personally I can’t remember a June like this in Greyton, and that goes back to 1997. Winter is usually when sellers start wondering if they are ever going to get another viewing and buyers are about as common as four leaf clovers. Well not this year!

A quick fire succession of sales has left a hole in the stock list below R2m. Total listing numbers for PGP Greyton have come down from 76 on 1 April to 62 on 1 July 2013. This is almost a fifth of property offered in only the last six weeks of the quarter.

Most buyers consulted expressed the belief that delaying buying now would only lead to increased costs later in the year. The steady average price increases in the last quarter of 2012 and the first of this year put an end to the idea that there could be a better deal around the corner.  Also more buyers are reporting that they were able to purchase now as they had sold in other areas. Overall this shows that property in Greyton is viewed as a good low risk choice.

Fortunately there are still a few well priced properties with committed sellers available. But the big question is for how much longer?

OR CLICK THE LINK BELOW FOR WHATS NEW ON THE MARKET

http://goo.gl/KeCDH

Timing is everything in Greyton property.

Over the years I have noticed just before the market gets going in Greyton several factors line up. The time of the year, the numbers of houses in a particular price range, the interest rates,  and an increasing demand.  With this in mind the time to consider a move is here! The year on year average property price increase is starting to accelerate. We have seen the same growth since January as the whole of last year. R1.48m in Jan 2013 to R1.65m in May 2013. This is an 11.5% increase!

We no longer need to be concerned about a property selling.  The market is changing and the resale inventory in Greyton is slimming down quickly.  If the property is priced within a reasonable range the average time to sale has halved.  There are substantially more buyers in the marketplace competing for fewer properties than a year ago and recent sales confirm this.

If your dream is to own a piece of Greyton’s magic NOW IS THE TIME.  There are some positives that have resulted from the down turn in the property market.  The main one being a reset of the unsustainable growth of 2006 allowing new buyers into the market today. The advantage is to the existing homeowner who still has equity in their home, enjoys a sustained income and maintained their credit record. If you were thinking about a move you can’t afford to wait any longer!

One Response to PROPERTY MARKET

  1. Sandra says:

    Please help? Seeking a rustic selfcatering petfriendly cottage for myself (quiet, sober, friendly) for month of november at max R2000. May be extended, as i’ll be seeking employment(i’m very creative) in greyton in retail/craft/waitressing. Anything really. Would greatly appreciate your help re cottage and employment. Would also love to become involved with charities. Desperate to seperate from my emotionally abusive husband and start afresh. Warm regards. Sandra

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