Greyton Property report 2023
In the last property update we asked the question if the higher interest rates would take some of the fizz out of the Greyton market and results are in. Flatter than a 2l cola left open in the fridge all weekend. Several metrics seem to indicate that buyers have decided to take a break. These are changes in new listings to sales ratio, increases or decrease in stock and asking to sale ratios prices. On the first simply put if 8 houses came to market and 4 or more sell then it’s an active market. In Greyton’s case it would seem that on average 8 houses came to market and only 1.5 sold so not active. On the second measure, increases or decreases in listings can indicate things to come. Greyton had only a marginal increase in listings which could have been season so not much there. A third metric is the ratio of asking to sales price and on this front there was little change. So not busy at all on either the buyers or sellers fronts on the face of it.
This was very similar to activity levels across the Overberg in adjacent towns. The state of the market in Greyton could have also been affected by an attempted land invasion at the entrance to town over the Christmas period. This was stopped and law enforcement assets were put in place to prevent a reoccurrence.
Contact Douglas 082 425 9043
Property report for Q3 2022
Will increasing interest rates take some of the fizz out of Greyton’s market? Since Covid activity has spiked to levels last seen in 2006. The desire for remote working and or the ability to create these spaces being a prime driver. To date well priced properties have been snapped up and a change in this trend may signal a market move. Two key indicators to keep an eye are, time on the market and the ratio between asking and actual sales prices. Fuel prices may also play a role but are very difficult to measure. Seems that increases filling up the car for a weekend away can change our plans.
Some of these possible downward factors will be off set by the usual spring and summer activity. Many sellers have been waiting for a change in the weather to list or move. Also, there is lots happening between now and the end of the year, Rose Festival, conferences, wine weekends and PGP Greyton artwalk are just few. Raising Greyton’s profile and getting new people into town ultimately always leads to new arrivals.
Contact Douglas O82 425 9043
Property report Q2 2022
For many years Greyton was one of the best kept secrets but it seems the word is out. Last year Greyton received the coveted Town of the year award and with it a R1.2m advertising boost. Its central location in the Overberg and real mountain feel seem to have been a perfect combination. Greyton is now firmly on the property destination map and is living up to its dual role of exceptional country getaway and a strong investment. Prices during this period continued to return however number of transactions per months declined for the first time in two years.
A well-defined urban edge bordered by nature reserve and several picturesque streams has concentrated interest and limits availability. Stock is now in short supply and in less than two years listings have more than halved leaving many to dream as to what could have been. Looking forward many agree that Greyton has taken a step up from a sleepy weekend hideaway to something a little more formal. There are many more permanent residents now and good infrastructure such as multiple fiber suppliers sets the stage for the future growth.
Big mountain views backed by christal blue sky’s that seem to go on forever frame a very special offering, on this visitor’s both local and international are firmly in agreement that this is a very very special place. If you haven’t already visited us its probably about time.
Property Report Q1 2022
Has Greyton and the Greyton property market taken a stepped up to the next level? If so, how does it compare to other competitors or can it be seen as a standalone because of its unique features. All good questions that have the potential to chart a new course for Greyton and the surrounding areas.
On the first question the answer is definitely yes, the idea of a small cottage in a hidden away gem is definitely at thing of the past. Entry level properties are now on a par with that of top end in surrounding towns. More and more buyers are permanent or acquiring a spot of permanent use in the future. Good internet and more to offer in the week has changed the town’s fundamentals.
Inventory is still reducing and new listings coming to market represent the top end of the market. In this period Property 24 listings from 90 to 82 at the end of March. Sales numbers also seems to drop but the average sales price seemed to increase marginally.
Looking for local agent with more than 20 years serving Greyton and the surrounding area?
Douglas 082 425 9043
Greyton Property Report Q4 2021
The fourth quarter of 2021 was characterized by a noticeable lack of stock. Six pages on some of the larger property portals has been reduced to 4, with many listings showing under offer. This generally indicates that transaction is at an advanced stage and proceeding to transfer. There was also a noticeable lack of new entry level properties but increase in listings at the top of the market.
As the holidays approached it was clear that many of the buyers were from up north. Recent events earlier in July had provided the catalyst for a commitment to find something in the Cape sooner rather than later. Buyers were also aware of the shrinking options and as such were keen to tie something up sooner rather than later.
Looking back on 2021 it was an exceptional year for property in the Overberg and especially Greyton. House sale numbers have more than doubled since pre covid levels and tripled since last year. There is no doubt a good potential that prices and interest could increase over the next six months. Looking at crystal ball of 2022 this may well turn out to be the year interest rates, being the only visible downside to a very buoyant country property market. Greyton is going to have another big year with several large promotional events which have the potential to bring a renewed interest to the town and its surrounding areas.
Contact Douglas 082 424 9043
https://www.pamgolding.co.za/property-search/properties-for-sale-greyton/2163
Greyton Property Market Report Q3 2021
This year property in Greyton is shaping up to be one for the record books. Lightstone reports that they have already registeresd 70 transactions this year. The average for last three years before Covid was +/- 40. Where this year will end is any bodies guess however there are some important signs on the road ahead.
Towards the end of this period the overall number of views and enquiries appears to be leveling off after an all-time high at the end of July. It is reasonable to assume some of this interest was as a result of the July unrest.
For years one of the noticeable differences to the Greyton market was the very low levels of finance. This seems to be changing with more buyers taking finance and at a higher loan to value ratio.
On the other side of the coin less properties are coming to market and those that do are more often than not larger properties, the traditional Greyton weekend cottage is in very short supply.
Also of note are the amount of building sites seen around town, possibly the most in years. Greyton is on the move.
Contact Douglas douglas@greyton.co.za 082 425 9043
Greyton Property Market Report Q2 2021
This time of year, is usually notable for a drop in temperature, it getting dark a little earlier and a drop in property interest all signaling the approaching winter. Like a slumbering bear, it would remain tucked up to emerge with force in the spring. Not so this year.
Unlike most years interest after easter increased rather than decreased with many more sales taking place. Many of these properties had been on the market of best part of two years. It seems sellers and buyers are meeting on neutral ground after an extended standoff. Lightstone sales data already indicates that this is going to be the busiest years since 2007.
On the price front the average house price moved up some 3% with a greater increase expected towards the end of the year, provided that interest rates and current conditions remain the same. Of particular interest is the large-scale unrest in KZN and JHB which took place in July. Within just a few days of the unrest starting enquires from affected areas made up the majority of calls. Damage to areas affected in some cases is catastrophic. When considered against already exceptionally high levels of poverty and unemployment this will serve only to make matters worse. The bill for the this will have to picked up by already overburdened tax payer.
douglas@greyton.co.za or + 27 (0)82 425 9043
Greyton Property report Q1 2021
The start of the new year also seems to have been the starting gun for the local property market. Normally half way through January buyer’s attention would turn to school and the start of the work year however this year all eyes appear to have been firmly on a move to the country.
Year on year the number of enquiries doubled and people viewing property nearly tripled. Property viewing has in the past been reserved for weekends, not so now with many buyers looking midweek. A work from home environment is providing the space to be much more flexible.
It is also interesting to note that many of these enquiries and viewings were from up north. It seems that the Western Cape is firmly on the map again. Strong infrastructure and stable governance are at the top of most buyers lists.
Greyton is also receiving much attention through local tourism initiatives that has considerably raised the national profile. According to Lightstone there was also a notable rise in the average sales price of 3.1%. Now that many of the more affordable properties have sold we would expect this to quickly rise as mid and top end of the market receive attention.
douglas@greyton.co.za or + 27 (0)82 425 9043
GREYTON PROPERTY REPORT Q4 2020
In the last part of 2020 three main factors appear to have contributed to the property market in Greyton. They are listed and discussed as follows.
- Increased supply as second homes are no longer required and travel in the future seems uncertain. While there were no sales in execution there were certainly stressed sellers who were more negotiable and as a result the average house price as per P24 dropped from R2.7 in 2019 to R2.25 at the end of 2020.
- Increased interest as first time buyers entered the market. These buyers are mobile and work now from home. They are tech enabled and only require a good internet connection.
- General relocation out of cities and from up north to quieter safer towns. With a good winter behind us in the Western Cape and the local dams full again it seems that many buyers have already forgotten about the serious drought of a few years ago.
These factors appear to have resulted in enquires for the area substantially increasing and there was also noticeable more in visitors to Greyton. Sellers accordingly also reported having many more viewings than the same time the previous year.
On the sales front it became evident that all the interest was have some impact as properties at the bottom of the market sold toward the end of Q4. Interest at the top of the market remained however limited and buyers who did act seemed to have been motivated to act by price reductions. New agents to market also added to the mix with much reduced commission offerings.
douglas@greyton.co.za or + 27 (0)82 425 9043
Greyton Property Report Q3 2020
The Greyton property market re opened on the 1st of July 2020 with a bumpy start. Buyers and sellers were left at a loss of where to pick up from. Others just carried on as before and this turned out to the be the surest approach.
Some initial early short selling was short lived and a lot of buyers were quickly disappointed that bargains were in general few and far between. This may be in a large part due to the very low amount of bonds in Greyton. For example, if your take the last twenty sales prior to registration only 5 had any form of finance. This indicated that there was plenty of liquidity in the Greyton property market and hints at its resilient nature.
Property market activity proceeded during this period at some pace locally with new sales and older transactions now trying to catch up with time lost in lock down. The speed at which things could proceed was however greatly reduced due to the deed’s office being closed more often than it was open. At the end of this period the Cape Town Deeds office was some 20 000 registrations behind and growing.
Most of the property activity was confined to the lower end of the market with top end sellers attracting little attention
GREYTON PROPERTY MARKET FOR SALE
Contact Douglas Legg 082 425 9043
Email; douglas@greyton.co.za
Greyton Property Report Q2 2020
Property market activity ground to a halt in Greyton and the surrounding area during this period. To best of the writer’s knowledge no sales were concluded during this period that had not been initiated before lock down. Full closure of the deeds office also prevented any property registrations in progress.
No Information is available to gauge the effect of the lock down on Greyton property prices during this period. General expectations built towards the end of this period that the market would open after lock down some 30% below closing. Also, during this period interest rates were reduced by 3% to near record lows. There was also much debate about the fact that most property would be sold online after Corona. It was generally accepted that COVID-19 had changed the SA property market forever in an immeasurable way.
douglas@greyton.co.za or + 27 (0)82 425 9043
Greyton Property Report Q1 2020
The first part of the quarter began well with sales beginning recorded in Greyton and throughout the Overberg. PGP Greyton recorded five sales out of a total of eight, three residential and two commercials in Greyton. Overall interest for Jan and Feb 2020 was well above average but confined to property below R4m.
Sadly, the end of the first quarter came to immediate stop with the shut down and arrival of Covid 19. Purchasers priorities switched immediately from property to more immediate requirements and market interest is on hold for now. What impact will this have on the Greyton market and the market in general?
Well in order to see we must attempt to discern the market forces, both perceived positive and negative. In short, a vote for and against to see if we can rate their various impacts.
Against
- Sellers are not keen on visitors and some have already withdrawn their properties for the market for better days.
- Buyers have postponed or completely cancelled their planned move to the country.
- Newer listings replacing old listings at lower prices by motivated sellers.
- Covid 19 recession could last for months and a series of waves of lock downs is to be expected.
- Erosion of equity markets and extreme market volatility leaves buyers uncertain about acting.
For
- All time low interest rates and more cuts on the cards.
- Week Rand making SA an attractive retirement option.
- The illiquid nature of the property market prevents rapid moves. Most adjustments take place in a three- and six-month periods.
- Fixed assets seem like a better bet as punters leave turbulent equity markets.
- Sellers require less motivation to accept lower offers.
Conclusions
- There will be more sellers competing for less buyers.
- A lensing effect focusing activity into narrow channels.
- Strong interest in living in uncongested areas with loads of open space.
- Market uncertainty could persist as long as inadequate national testing and isolation of infected persons continues.
What to do if you are a seller.
- Get creative, things are changing. When one door closes, you’ll need to kick down a new one.
- Get the right people in your corner, preferably ones that come with loads of back up and make sure that this isn’t their first rodeo.
- Get up close and have a good look before you make your first move, this isn’t going to be a fair fight.
- If you’re not here to win then best you stay home and take charge of the remote.
- Have a plan when the alarm goes off in the plane. Don’t just start pushing and pulling the controls. You are more likely adding to the problem.
Buyers
- In any market where volatility exists, savvy investors will prosper. No doubt as time goes on the market will become more use to the new status and as always it will adjust. As it adjusts the premium associated with transacting with uncertainty will reduce.
- Of prime importance in all property transactions, time is most important. Ideally any property move should be with a 5 + year horizon.
- As it is conceivable that the max effect of this crisis could be no longer than 24 months those with time shall do well. In fact, very well. Greyton’s property market is a solid testament to this.
Greyton Tour, why its one of a kind.
douglas@greyton.co.za or + 27 (0)82 425 9043
Greyton Property Market Report Q3 & Q4 2019
As the rest of the country’s property market is definitely in the proverbial doldrums Greyton still seems to have some life. The end of winter saw a definite increase in enquiries and also a lot of new stock arriving on the market. Buyers are spoilt for choice.
Reasons for selling vary, but in general a trend of consolidation in some form or another is common amongst most. Of note is the focused nature of buyers, gone are the days of spending endless afternoons wandering in and out of houses. Most arrive with a definite list and are not easily persuaded on any additions. In fact, a cursory drive past to confirm why it is not on the list is more common than not.
It should also be mentioned that the average age of buyers in Greyton has dropped considerably with young families making up the majority of sales. It would seem that this group is very decisive and not encumbered with much. Meaning they travel light and seem to move quickly. They are also less sentimental and are quiet green environmentally. AC’s and underfloor heating do not seem to impress.
Of particular note during October the Property Professionals Act was signed into effect by the President replacing The Estate Agents Affairs Act of 1976 and its amendments. Some of the main take aways are listed below. Once gazetted this could have significant a significant affect on the property markets and its participants.
- Require estate agents to treat both buyers and sellers with equal fairness – even though it is usually the seller who pays the agent’s commission.
- Provide buyers with a free redress to an ombudsman, with the powers of a magistrate, if the buyer believes that the true condition of the property has not been accurately disclosed upfront. Currently the only redress a buyer has is very expensive High Court Litigation which results in most cases being dropped.
- This will put South African agents and sellers in the same position as their counterparts in the USA and Australia. There 99% of agents recommend to potential buyers an independent home inspection – paid for by the buyer. Agents do this to protect themselves and sellers from buyers’ claims if defects are discovered after the sale – when the buyer moves in.
- The new Property Practitioner’s Regulatory Authority (PPRA) will also regulate home inspectors. House Check supports this. In the USA, UK and Australia home inspectors must be licensed. This will now become a reality in South Africa. Also: The launch of the PPRA will coincide with the accreditation of a new national building/home inspector qualification – expected by the end of 2019.
- South African banks have also supported the development of this new qualification for home inspectors – no wonder because banks are the biggest partners in most property transactions.
In closing it will require substantial intervention both locally and at government to revive the property market from its national slumber.
douglas@greyton.co.za or + 27 (0)82 425 9043
GREYTON PROPERTY REPORT Q2 2019
The big question is how much effect does the rest of the property market have on Greyton? Is there a direct relation between sales in other areas like Hermanus and Cape Town? If so, does this indicate a trend to be followed locally.
Well it seems in most cases probably not and there are a couple of reasons. First if one consults the last twenty sales in Greyton it is immediately apparent that only 1 in 5 buyers is registering a bond. Secondly average house price seems to rising uninterrupted quarter on quarter. Thirdly property sales are not confined to one segment of the market. This against the backdrop of a slowing or rather quiet market in general.
So, against the national trend and into the winter interest has remained strong. It is conceivable that factors in other areas are actually encouraging people to move to the country. The quieter life away from traffic and social unrest may be forcing people to look for alternatives. These areas of interest are however located within two hours of Cape Town on or just off main access routes. Reasonable winter rainfall has seen a positive increase in Theewaterskloof Dam which could give some buyers a much need push. Rainfall in the Greyton area however is below average and should there not be significant fall in the second part of the year this could once again put a dampener on the market.
douglas@greyton.co.za or + 27 (0)82 425 9043
PROPERTY REPORT Q1 2019
Pre-election jitters may be a good reason why the number of houses on the market have grown by 10% in the last six months. According to Property 24 the number of houses on the market has rise from 100 in October/ November 18 to 115 end March 2019. In spite of these new listing’s sales prices have remained constant and the average sales price has changed little. It would seem on the face of it that sales numbers remain above expectation. This rising demand points to a very busy second half of 2019 provided that there is no surprise at the ballot box.
On another note one of the back bones of Greyton’s economy, short term rentals are now to be regulated under the Tourism Amendment Bill which was published in the Government Gazette on Friday 12 April, and again on Monday 15 April due to a printing glitch. The public has 60 days from Monday 15 April to submit comments on the Bill. For years the operation of short-term rentals was unregulated, neither an estate agent function nor any other formal sector. One of the contributing factors to this regulation may have been the success of online rental platforms. A good example of this is Airbnb that now is estimated to have a turn over in SA of some 14 Billion ZAR which by any stretch of the imagination is not pocket change. These services are only set to grown over time and SA now joins many European countries in regulating them. Thus, from now on responsibility for the sector will fall under Department of Tourism. Key issues such as term limits and definitions shall as it now stands be determined by the minister of housing.
douglas@greyton.co.za or + 27 (0)82 425 9043
Property Report Q4 Quarter 2018
For the first time in many years’ activity in the Greyton and Overberg property has visibility slowed. This is in line with similar patterns felt throughout the country. While interest remains, buyers have been struggling to sell in other areas delaying the completion of some transactions. Prudent sellers are becoming much more accommodating to buyers with cash or other approved financing. This is now being confirmed by stats available on the larger property portals.
It should also be noted that several other factors also contribute to this. Lei water is not in operation due to low river levels, application of recent municipal rates increases and service delivery protests. It would also appear that visitor numbers from up north were lower. This was however offset by a surprise in the number of international arrivals. Numbers are similarly up for the mother city. Longer term this is a good sign for property in the Western Cape.
douglas@greyton.co.za or + 27 (0)82 425 9043
U TURN IN GREYTON PROPERTY MARKET AFTER POOR START TO THE YEAR. Q3 PROPERTY REPORT
Winters in the Western Cape were usually well known for two things. Firstly it generally rained a lot and secondly with the cold rainy weather activity in the property market would slow to a crawl, well in Greyton anyway this could be seen as a fair reflection of the general state of expected play.
So it was a great surprise and some relief when this year it actually started to rain and the dams began to fill after apocalyptic predictions. It was also of similar surprise especially to those in the industry that with the rains also arrived many sales. These were not confined to one sector of the market. A quick drive around town will confirm this with many more sold boards now than for sale. Traditionally agents and sellers have had to wait out the winter for spring which seemed to act as a starting gun for the market. Well not this year, and as vibrant new leaves appear on the majestic oaks and days get longer than the nights most agents have been left scratching for affordable stock.
There is also further good news for the Greyton Property market with the return of the lei water and the re-opening of the market. The market has always formed an important part of a Greytonians week allowing for a catch-up with friends and time to find something nice for larder. So if you are thinking of a spot in the country then it may require moving it to the top of your to do list!
douglas@greyton.co.za or + 27 (0)82 425 9043
GREYTON PROPERTTY REPORT FOR Q2 2018
The Western Cape winter is here and with it short days with cold nights. Fortunately this was accompanied with good rainfall. Usually this would have put the market into hibernation, but not hid year instead it seems to have lifted the mood for market. Against the trend properties sales returned to some sense of normalcy towards the end of the second quarter. With the rain brown wheat fields have quickly changed to carpets of green as this year’s wheat, barley and canola fields come to life. While it is by no means the end of the drought there are some very encouraging signs in Theewaterskloof Municipality. Especially the Theewaterskloof dam that is rapidly filling, up by 4.6% last week alone!
There are several new sold boards around town and it does not seem to be confined to one segment of the market which is most encouraging. It should also be mentioned that that several properties now sporting sold signs have recently been reduced. It is clear that that buyers and sellers have been willing to adjust expectations in order to find common ground.
A further very encouraging sign is that there is even talk of homeowners receiving lei water this year. Applications are in and this year the system will change. Rather than an annual fee this will only be monthly fee based on hours received. The cost will be added to Municipal owners monthly accounts. It seems for the first time that activity in the property market may hold a close correlation with local dam levels
PROPERTY OF THE MONTH COMMERCIAL AND RESIDENTIAL OPPORTUNITY
douglas@greyton.co.za or + 27 (0)82 425 9043
GREYTON PROPERTY FOR SALE
GREYTON PROPERTY REPORT FOR Q1 2018
Without a doubt property activity in Q1 dropped significantly in the Greyton. The first quarter of the year would have traditionally have seen an average of four sales per month. This has dropped to less than two and the number of properties on offer increased according to property 24 by 10%. Amongst these new listings were two properties below R2m which is interesting as we have not seen any new listings below R2m for a while.
This noticeable downturn in the market can largely be attributed to two factors. The first being the drought and the second continued uncertainty surrounding the implementation of the heritage overlay. The latter will have a significant impact on new building and any alterations. Several parties are already experiencing substantial delays in planning permission as officials attempt to navigate thought old and new restrictions.
Should substantial rains be forth coming in May and June this could go a long way to reviving the market. It is clear that Cape Town and the surrounding areas have yet to feel the full impact of the drought as even if there are good rains water restrictions will not be relaxed anytime soon. The impact of having no Lei water is clearly visible in most gardens.
Greyton property report for Q1 & Q2 2017
Q1 of 2017 can be noted for the first sale of a property above R10m. Showing that Greyton is still offering good value when compared to its regional competitors. Many buyers who bought into quiet country outposts at the edge of the city now find themselves having been absorbed fully into city life. The main complaint being that of traffic and other developments in area that have altered what was previously a country setting into just another suburb. In order to escape buyers are looking further afield and the Overberg has become a target of their attention. Greyton is one such target offering considerably greener pastures, literally you may even be confronted with the odd cow quietly cropping the verge.
Sadly for the first time ever at the start of the Q2 Greyton had its first housing protests. During the protests the well known Greyton market was burned down. There was also minor damage to roads and infrastructure however the most damage was the extensive coverage it received. Social media carried some of the worst incidents around the world. These events may intern have been responsible for an above average increase new listings shortly afterwards.
Greyton has traditionally always seen a slight increase in stock levels after Easter. This year however these new listings appear to be above average. Property 24 shows that this is up on an ave year on year basis from 78 to 89 in May. Some of these new listings are at the top of the market which may also be as a result of a few sellers seeing new potential after the record sales in Q1.
It is also important to mention that some buyers seem to be taking advantage of stable interest rates which could even be reduced later this year. This may provide buyers with added confidence in the second half of this year. Spring listings and sales will provide a strong signal to the Greyton market, it is expected the stock numbers will considerably contract towards the end of the year as a result of increased activity levels.
Click here for new listings
http://www.pamgolding.co.za/property-details/1-bedroom-house-for-sale-greyton/1sw1366929
douglas@greyton.co.za or + 27 82 425 9043
Property report for Q3 & Q4 2016
Greyton followed much of the rest of the Western Cape with good support in the final quarter of 2016. Buyer’s consensus strongly indicates that residential property remains not only a place to live but also a good long term hedge against the worst. In spite of the local political idiosyncrasies when viewed against events in Europe and America Southern African is looking a reasonable bet.
According P24 property info the average house price has dropped from R1,875m in Dec 2015 to R1.8m in Dec 16. Properties included plots, sectional title units and free hold houses. While the average sales price is reasonably stable transaction numbers have dropped from 75 in 2016 to +/-50 as of 31 December 2016. Some transactions have not yet registered so it is fair to assume that this will change in the next few months. The change should not be vastly different as there are no developments for sale in the area and sale numbers appear stable on a month to month basis.
It should also be noted that Brexit has definitely had a measureable effect on buyers from the United Kingdom. This is mainly as a result of the substantial recovery of the Rand against the English Pound. This has resulted in Greyton property now being +/- 31 % more expensive than this time last year. It has also had the secondary effect of bringing more stock to market at English sellers look to sell and repatriate funds to the UK.
Click here for new listings
douglas@greyton.co.za or + 27 82 425 9043
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.
Click here for new listings
douglas@greyton.co.za or + 27 82 425 9043
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
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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
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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
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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.
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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:
- Continued relocation of professional or retiring persons from North to South.
- Weak Rand encouraging repatriation of funds by South Africans employed overseas.
- Stable Municipal area with good track record.
- Security
- Local schooling and other useful infrastructure.
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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
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?
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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!
Greyton Today 
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